State Senator Dale Fowler 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. The Blue Collar Jobs Act was originally signed into law as part of the bipartisan budget negotiations in 2019 but was frozen prior to its implementation in 2021 by Governor Pritzker.
“This is fantastic news for our state and the southern Illinois region as a whole,” said Senator Fowler. “The announcement of these tax credits means the creation of good-paying jobs, which could bring more economic growth to our region. Economic development and opportunity is a critical driver for growth across the 59th district.”
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 Monday, June 26, 2023, from 1 p.m. – 2 p.m. Click here to register.
The Blue Collar Jobs Act includes:
- High Impact Business (HIB) Construction Jobs Credit: Equals 50% 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% 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% 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 January 1, 2021).
- New Construction Economic Development for a Growing Economy (EDGE) Credit: Discretionary credit for up to 50% of the incremental income tax attributable to qualified construction jobs during the construction period for approved capital investment projects over $10 million.