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May. 12, 2022
For corporate and sale and use tax purposes, Illinois issued an informational bulletin discussing tax incentives for the Reimagining Electric Vehicles (REV) production.
The Illinois Reimagining Electric Vehicles in Illinois (REV Illinois) Act establishes several tax exemptions to encourage continued growth in the manufacturing of electric vehicles, electric vehicle component parts, and electric vehicle power supply equipment.
Applicants certified under the REV Illinois program by the Department of Commerce and Economic Opportunity (DCEO) can use this certification from DCEO to claim exemptions from the following tax types:
- Sales and Use Taxes;
- Telecommunications Excise Tax;
- Electricity Excise Tax; and
- Gas Revenue Tax.
Additionally, the bulletin provides information on the procedure to report an REV Illinois exemption from the tax returns.
Informational Bulletin FY 2022-16, Illinois Department of Revenue, May 1, 2022, ¶403-839
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The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ashmore Consulting LLC to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader’s specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact Ashmore Consulting LLC or other tax professional prior to taking any action based upon this information. Ashmore Consulting LLC assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.
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