After adding incentives aimed at attracting new manufacturers in recent years, state legislators approved new tax credits to help existing companies.
Legislation passed over the weekend allows the Illinois Department of Commerce & Economic Opportunity to offer a tax credit of 3% to 7% for manufacturers who invest at least $10 million in upgrading or expanding their facilities.
Legislators also expanded the state’s payroll-tax credit program, which has primarily been used to attract new employers, to be extended to Illinois companies investing at least $100 million and retaining at least 500 jobs.
The legislation still must be signed by Gov. JB Pritzker.
“We hear a lot from current manufacturers who say: We invest in the state, but what are we getting?” said Mark Denzler, CEO of the Illinois Manufacturers Association. “This is about: What can we do to help current companies that are here?”
In recent years, the state has steadily expanded its economic-incentive programs to attract companies that focus on electric vehicles and batteries, as well as quantum computing, microelectronics and semiconductors.
