SPRINGFIELD – The Illinois State Senate passed a revenue package Wednesday containing a number of tax credits and tax emptions, including two measures championed by State Senator Christopher Belt that provide tax incentives to electric vehicle manufacturers and aircraft engine suppliers and manufacturers.

“The electric vehicle industry showcases the potential for the future of our state,” said Belt (D-Swansea). “Not only do these measures incentivize growth of the electric vehicle and aircraft engine industries, but also it will drive economic prosperity in Illinois while reinforcing the state’s commitment to fostering a sustainable business environment.”

The Aircraft Engine Sales Tax Exemption exempts materials, parts and equipment used in the modification, replacement, repair and maintenance of aircraft engines from sales tax. Belt, as chair of the Senate Appropriations-Public Safety and Infrastructure Committee, was actively involved in budget negotiations and advocated for this tax exemption, originally Senate Bill 2210, to keep business in the state. Currently, businesses are serving aircraft engines for the Chicago area and Metro East from neighboring states because they offer this tax exemption.

The revenue package also contained an addition to the Renewable Energy Vehicle Act. Belt originally sponsored Senate Bill 2576, which would allow electric vehicle manufacturers or businesses that intend to convert or expand to EV manufacturing to qualify for Renewable Energy Vehicle tax credits. The businesses will be required to commit to making at least $500 million in capital investments and retaining at least 800 full-time employees.

“Expanding these tax incentives will lead to an increase of good-paying jobs and economic development,” said Belt. “This is truly a testament to Illinois’ commitment to economic growth, environmental sustainability and technological advancement.”

Senate Bill 1963 passed both chambers with bipartisan support and heads to the governor’s desk.

SPRINGFIELD – State Senator Christopher Belt applauds the inclusion of a tax credit for volunteer firefighters and emergency medical services personnel in the recently passed state revenue package.

“Volunteer firefighters and EMS personnel play a critical role in ensuring the safety and well-being of our neighborhoods. They bravely respond to emergencies, risking their lives to save others,” said Belt (D-Swansea). “However, in recent years, retaining dedicated volunteers has become challenging. This tax credit is a small token to honor and thank these individuals for the work they do.”

To qualify for the $500 tax credit, people must serve as a volunteer firefighter for at least nine months of the year and receive no more than $5,000 in compensation for their services during the taxable year.

Illinois has struggled with a shortage of firefighters and EMS personnel volunteers. Providing an incentive will encourage these volunteers to stay long-term.

“These volunteers are the backbone of our emergency response systems and some communities rely on volunteer fire departments when a crisis occurs,” said Belt. “With this tax credit, we are sending a clear message that we value and appreciate their dedication to protecting our lives and the communities we live in.”

Senate Bill 1963 passed both chambers with bipartisan support and heads to the governor’s desk.

SPRINGFIELD – State Senator Christopher Belt passed a measure out of the Senate Wednesday that aims to ensure fair compensation for teachers and protect school boards from undue financial burdens.

“This measure empowers our state’s educators and recognizes the invaluable contributions they make every day,” said Belt (Swansea). “Not only would this enhance the financial well-being of teachers, but it also would contribute to maintaining the high standard of education in our schools across the state.”

House Bill 300 would establish the Commission on Government Forecasting and Accountability as the agency responsible for adjusting the teacher minimum salary in accordance with annual increases in inflation rates.

The legislation also addresses concerns related to potential higher pension contributions resulting from increased minimum teacher salaries. It would ensure that school boards would not be penalized for fulfilling their obligation to provide competitive compensation to teachers.

“The elements in this measure promote fairness, stability and excellence in education,” said Belt. “By prioritizing fair compensation for our teachers and supporting school boards, we are making a profound investment in the future of our state.”

House Bill 300 passed the Senate.

SPRINGFIELD – State Senator Christopher Belt is pushing for tax credits for electric vehicle manufactures as part of the General Assembly’s final revenue package.

This will incentivize electric vehicle manufacturing and renewable energy investments in Illinois and will pave the way for significant economic growth and a cleaner, more sustainable future for the state.

“Tax credits for electric vehicle and renewable energy manufacturers will result in economic prosperity in our state,” said Belt (D-Swansea). “In addition, this will send a clear message that Illinois is open for a favorable business environment and committed to sustainable innovation.”

Senate Bill 2576 would establish tax credits, known as Renewable Energy Vehicle credits, for qualifying electric vehicle and renewable energy manufactures that make substantial investments in capital improvements and maintain a strong workforce. To qualify, businesses must invest a minimum of $500 million in capital improvements and retain at least 800 full-time employees at the project site.

Belt’s proposal does not require businesses to create new jobs in order to be eligible for the tax credits if they enter into an agreement after the bill becomes a law and before June 1, 2024. This provides flexibility to ensure that existing businesses in the electric vehicle and renewable energy sectors can also benefit from the REV credits while focusing on expanding their business operations.

“This truly would be a win-win for both our economy and our environment,” said Belt. “Boosting electric vehicle manufacturing will build a more prosperous future for our state.”

As budget and revenue negotiations continue, Belt will continue to push for this tax credit to be part of the General Assembly’s final proposal.