On November 16, Illinois enacted the Reimagining Electric Vehicles Act (REV Act) which states that its purposes include “reduc[ing] carbon emissions, creat[ing] new good-paying jobs, and generat[ing] long-term economic investment in the Illinois business economy.”
The REV Act provides income tax credits for electric vehicle (EV) manufacturers, including EV parts suppliers such as battery and charging station manufacturers, tax credits for costs to train new or retained employees, and a suite of other tax incentives.
According to the Governor’s Office, the new law is intended to attract new manufacturers to Illinois while incentivizing existing manufacturers to invest in their Illinois facilities and employees in order to position Illinois as a national leader in EV and battery production.
Companies seeking to take advantage of the REV Act financial incentives must apply for designation of a project as a REV Illinois Project, and enter into an agreement with the Illinois Department of Commerce and Economic Opportunity (DCEO). In addition to certifying that the project will achieve carbon neutrality or will meet one or more green building standards, and demonstrating its commitment to recycling, an applicant must satisfy the following category-specific criteria to qualify for the program.
| Manufacturing Category | Minimum Capital Investment | In-Service Deadline After Application is Approved | Minimum New Full-Time Employee Jobs |
| $300M | 60 months | 150 |
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