SPRINGFIELD — On Wednesday, the Illinois Department of Commerce and Economic Opportunity announced the launch of the “Blue Collar Jobs Act (BCJA) Tax Credit” application for eligible companies.
This tax credit is designed to promote economic expansion and growth in Illinois by incentivizing construction projects.
“From my administration’s Rebuild Illinois Capital Plan to the Climate and Equitable Jobs Act, we’ve put economic opportunity at the forefront in legislation passed and policies implemented,” said Governor JB Pritzker. “Today, I am proud to announce yet another investment in our communities—the Blue Collar Jobs Act Tax Credit—to promote construction projects in underserved areas, while creating more good-paying jobs up and down the state.”
“Illinois continues to put polices and programs in place that support our working families and their tremendous impact to our state economy,” said Lt. Governor Juliana Stratton. “The Blue Collar Jobs Act Tax Credit will create jobs and opportunities in areas that need it the most by broadening avenues for new construction and projects that will take our state even further.”
“By offering tax incentives through the bipartisan Blue Collar Jobs Act, the State is bolstering construction projects and supporting economic development throughout Illinois,” said DCEO Director Kristin Richards. “The innovative tax credit structure will help create new, good-paying construction jobs while encouraging businesses to increase investments in Illinois’ communities.”
The BCJA amended legislation for Illinois premier incentive programs to provide tax credits caused by the wages paid to construction workers on eligible projects.
Eligible companies can receive tax credits equal to 75% of the income tax from construction workers on eligible projects located in an underserved area, or 50% for projects located in other areas.
Companies include those who are located in an Enterprise Zone or a River Edge Redevelopment Zone, companies designated a High Impact Business, or companies with an agreement under the Economic Development for a Growing Economy Program.
The BCJA is designed to further incentivize major capital investments in communities across the state and make good-paying construction jobs.
“Illinois is a great place to do business, and the tax credits provided by the Blue Collar Jobs Act will encourage capital investments across Illinois,” said Representative Joe Sosnowski (R-Rockford). “Incentivizing major construction projects while supporting manufacturers will have a long lasting, positive economic impact on Illinois communities.”
Providing tax incentives specifically for construction projects supports job creation and additional investments in communities.
The Illinois Department of Commerce and Economic Opportunity will host a technical assistance webinar to share details regarding the BCJA program application and processes on Monday, June 26, 2023, from 1:00 p.m. – 2:00 p.m.
Click here to sign up and RSVP; companies looking for information are encouraged to email firstname.lastname@example.org or visit the BCJA website.
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May 17, 2023 at 03:55PM