SPRINGFIELD – State Sen. Dave Syverson (R-Cherry Valley) is applauding the reinstatement of the Blue Collar Jobs Act, which seeks to bring good-paying jobs to Illinois through a series of income tax credits for qualified capital investments in the construction of new or improved property.
“Originally signed into law as part of the bipartisan budget negotiations in 2019, the Blue Collar Jobs Act was frozen prior to its implementation in 2021 by Governor Pritzker,” Syverson said. “Reinstating this program will provide entrepreneurs with great incentives to start and grow businesses in Illinois. I encourage companies to get more information about the program.”
On May 17, the Illinois Department of Commerce and Economic Opportunity (DCEO) announced that applications are now open for eligible companies. Businesses can apply here.
Additionally, DCEO is offering a webinar to share details regarding the program application process on June 26, from 1:00 p.m. to 2:00 p.m. Click here to register.
The Blue Collar Jobs Act includes:
- High Impact Business (HIB) Construction Jobs Credit: Equals 50 percent of the “incremental income tax” attributable to qualified construction jobs for a designated HIB taxpayer during the construction period with an investment of at least $12 million.
- Enterprise Zone (EZ) Construction Jobs Credit: Equals 50 percent of the incremental income tax attributable to qualified construction jobs for approved capital investments of at least $10 million located in an EZ during the construction period.
- River Edge (RE) Construction Jobs Credit: Equals 50 percent of the incremental income tax attributable to qualified construction jobs for approved rehabilitation plan of at least $ 1 million located in a RE during the construction period (applicable for tax years beginning on or after Jan. 1, 2021).
- New Construction Economic Development for a Growing Economy (EDGE) Credit: Discretionary credit for up to 50 percent of the incremental income tax attributable to qualified construction jobs during the construction period for approved capital investment projects over $10 million.