State Senator Tom Bennett (R-Gibson City) is applauding the announcement of the reinstatement of the Blue Collar Jobs Act program.
“This is a great program that can quickly encourage the addition of good-paying jobs in our communities. I would encourage businesses interested in taking part in the program to apply as soon as possible,” said Bennett. “I’m thankful that the Governor has listened to our requests and restarted this important program.”
The Blue Collar Jobs Act was negotiated as part of the budget process in 2019. The program was frozen by the Pritzker administration in 2021. On May 17, 2023, the Illinois Department of Commerce and Economic Opportunity (DCEO) announced that applications are now open for eligible companies.
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.
Interested 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.