HB4155 Summary

• Creates tax credit for capital expenditures on electric vehicle manufacturing facilities or battery manufacturing facilities, allowing full credit against income tax liability with 5-year carryforward or refund option for excess credits.

• Establishes 75% withholding tax credit for automobile manufacturers investing at least $100,000,000 and hiring or retaining at least 1,000 new full-time employees to build electric vehicles in Illinois, available for 10 consecutive years.

• Provides 25% tax credit for educational or vocational training expenses paid by electric vehicle or battery manufacturers for employees in technical or skilled fields.

• Allows 25% tax credit for electricity and natural gas costs used in manufacturing electric vehicles or batteries, with 5-year carryforward of excess credits.

• All credits apply to tax years ending on or after December 31, 2022, and become effective immediately upon enactment.