REVENUE-TECH

This bill amends the Property Tax Code to allow Illinois taxing districts to reduce property taxes for specific facilities related to electric vehicles and renewable energy. Under the new provisions, local governments can vote to lower taxes for manufacturers of electric vehicles, their parts, or power supply equipment that have existing agreements with the state Department of Commerce and Economic Opportunity. The tax reductions can last for up to 30 years and apply to facilities that are part of the Reimagining Energy and Vehicles in Illinois Act program. Additionally, the bill permits multiple taxing districts to jointly agree on tax abatements for these qualifying projects. The changes take effect once the legislation is signed into law.