Search Federal and State Laws and Incentives
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Search Results | 2 laws and incentives
| Jurisdiction |
Title |
Type |
Body (TODO:hide) |
| Illinois |
Biofuels Tax Exemption |
State Incentives |
X
Type: State Incentives |
Jurisdiction: Illinois
Through December 31, 2023, a sales and use tax of 6.25% applies to 100% of the proceeds from the sale of fuel blends containing 10% ethanol (E10) and fuel blends containing between 1% and 10% biodiesel (B1-B10). If at any time the sales and use tax is 1.25%, the tax on biodiesel blends will apply to 100% of the proceeds of sales.
Sales and use taxes do not apply to the proceeds from the sale of biodiesel blends containing between 11% and 99% biodiesel (B11-B99) or fuels containing between 70% and 90% ethanol (E70-E90). Taxes will apply to 100% of the proceeds from the sale of biodiesel and ethanol fuel blends made after December 31, 2023.
(Reference 35 Illinois Compiled Statues 120/2-10, 105/3-10, and 105/3-44)
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| Illinois |
Electric Vehicle (EV) and EV Charging Station Manufacturing Tax Credits |
State Incentives |
X
Type: State Incentives |
Jurisdiction: Illinois
The Illinois Department of Commerce and Economic Opportunity‘s Reimagining Electric Vehicles in Illinois Program (REV Illinois Program) offers tax credits to eligible EV, EV component parts, and EV charging station manufacturers. Credits are available in two tiers. Tier 1 credits are available to EV, EV component, and EV charging station manufacturers that invest a minimum of $20 million and create a at least 50 new jobs within 4 years in Illinois. Tier 2 credits are available to the following entities:
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EV manufacturers that invest a minimum of $1.5 billion and create at least 500 jobs within 5 years in Illinois;
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EV component part manufacturers that invest a minimum of $300 million and create at least 150 jobs within 5 years in Illinois; and,
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Manufacturers converting existing facilities to allow for EV and EV component production that invest a minimum of $100 million and create at least 75 new jobs within 5 years in Illinois.
Tax credit amounts vary and additional eligibility requirements may apply. Tax credits increase for businesses located in priority areas, which includes underserved communities or communities in energy transition areas. Tier 2 applicants may also be eligible for the following tax exemptions:
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Tax Exemption Overview
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Credit Expiration
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Exemption from retailer occupation tax paid on building materials
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5 years
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Exemption from state utility tax for electricity and natural gas
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10 years
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Exemption on telecommunication excise tax and ICC administrative charge
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10 years
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Credits may be claimed beginning January 1, 2025. For more information, see the Illinois Department of Commerce and Economic Opportunity REV Illinois Program
(Reference Public Act 102-0669)
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