HB3481 - Electric Vehicle Charging Station Financing Program Act

• Creates the Electric Vehicle Charging Station Financing Program to be administered by the Office of the State Treasurer, providing loans for design, development, purchase, and installation of EV charging stations for private homeowners and small businesses in Illinois.

• Allocates $2,000,000 in initial funding: $1,000,000 for private homeowners and $1,000,000 for small businesses, with at least $150,000 of the small business account reserved for businesses in disproportionately impacted areas.

• Establishes loan loss reserve accounts for participating financial institutions (banks, credit unions, CDFIs) with Program contributions of 20% of loan amount, plus an additional 10% for small business installations in multi-unit dwellings or disadvantaged communities.

• Limits private homeowner eligibility to those with household income under $150,000, no back taxes owed, and who own (not rent) their home with a garage; requires small business charging stations to be accessible to employees, the public, or tenants and meet specified technical standards.

• Requires the State Treasurer to adopt rules for Program implementation and submit annual reports to the General Assembly and Governor detailing loan disbursements, repayments, industry categorization, and other relevant Program information.