SPRINGFIELD, Ill. (WAND) — Gov. JB Pritzker signed a bill into law Wednesday to expand tax credit programs and attract new technology businesses to Illinois. The Democrat said this plan could make Illinois the next Silicon Valley, with major investments for quantum research and electric vehicle manufacturing.
Illinois tripled corporate investments during 2023 and new jobs created by the Economic Development for a Growing Economy (EDGE) and Reimagining Energy and Vehicles (REV) programs rose more than 60% from the previous year.
Pritzker said improving the state's business development tools will make Illinois even more competitive for jobs and investments.
"We have a lot to brag about in this state," Pritzker said. "Today is about more than just tax credits or incentive packages. It's about the continued revitalization of our communities and of our economy."
The new law creates an enterprise zone to build a massive quantum research campus with $500 million included in the Fiscal Year 2025 budget. Sponsors said this investment can foster innovation and growth in technology for the future.
"The biggest challenge in passing this legislation was trying to explain quantum computing," admitted Sen. Steve Stadelman (D-Rockford). "I'm not sure I adequately did that, but the bill positions Illinois very well to take advantage of this technological advancement."
This legislation also extends the Research and Development Tax Credit, a critical tool for the state's manufacturing sector.
"R&D is a life blood of manufacturers who are creating new products and improving existing ones," said Mark Denzler, President and CEO of the Illinois Manufacturers' Association. "This further proves that Illinois is open for business and we're committed to advancing research and creating solutions for some of the most pressing challenges."
Gov. JB Pritzker said improving the state's business development tools will make Illinois even more competitive for jobs and corporate investments.
The law also creates new incentives for electric vehicle companies to come to Illinois. House Bill 5005 establishes tax credits for green steel manufacturing and electric and hybrid aircraft production as well.
Grocery stores opening in or around food deserts will also be able to qualify for more assistance through this plan. The new law allows stores located in enterprise zones to apply for the High Impact Business Program and Grocery Initiative dollars.
"This brighter future is one of thriving opportunity," said Lt. Governor Juliana Stratton. "We are investing in workforce development, expanding resources and illuminating new pathways towards success."
The Chicagoland Chamber of Commerce said the massive business package will help Illinois continue to grow in these groundbreaking industries and be a leader in innovation to drive economic growth and job creation.
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