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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