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EV-related company to use tax incentive package from Illinois to expand operations

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(The Center Square) – Using tax incentives from the Reimagining Electric Vehicles in Illinois Act, or REV, a southern Illinois company will be expanding operations.

Prysmian Group in Du Quoin, which manufactures cable for the renewable energy and electric vehicle sectors, announced a $64 million expansion, which will create 80 jobs.

“REV Illinois is already changing the way we do business in Illinois by providing competitive incentive packages to companies that share the state’s commitment to building a clean energy economy,” said Kristen Richards, director of the Illinois Department of Commerce and Economic Opportunity.

Illinois expanded REV to include smaller manufacturers, increased the value of the credit for companies locating in underserved communities and doubled the length of benefits. The package increases their tax credits to 75% of their income tax at the state level and 100% of their income tax if they are manufacturing in an underserved or Energy Transition Area.

Using REV as an incentive, Illinois has been trying to lure an EV battery plant to the state, but lost out to Indiana twice when Stellantis chose Kokomo and General Motors recently picked South Bend to build facilities.

“We’re competing against other states, Texas and Michigan and Mississippi and so we have to be competitive,” said Gov. J.B. Pritzker. “I don’t want to give away too much, those are taxpayer dollars and you have to be careful with them.”

Stellantis, which abandoned plans to make electric vehicles in Belvidere, said it will build a second U.S. electric vehicle battery factory in a joint venture with Samsung, but has yet to disclose the location.

Earlier, the company also announced a $4.1 billion battery plant in Windsor, Ontario, that would employ about 2,500 people.

Mark Denzler, president of the Illinois Manufacturers Association, told PBS that some policies put Illinois at a disadvantage.

“We certainly lost some plants to other states where they have chosen to locate in another state,” Denzler told PBS. “There are certainly challenges we have here, things like property taxes and workman’s compensation.”

Pritzker has a goal of having 1 million electric cars on Illinois roads by 2030 but there are some obstacles. A survey conducted by The Associated Press-NORC Center for Public Affairs Research found that 8 in 10 Americans said they would not buy an electric vehicle because of a lack of charging stations. The other is the cost of an EV, which on average is much higher than gasoline-powered cars.

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