State Senator Erica Harriss 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.
“The Metro East serves as an enterprise zone for the Blue Collar Jobs Act and the reinstatement of the program is welcomed news for the 56th District,” said Senator Harriss. “Our state’s job creators have faced significant hurdles in recent years, and this will not only bring businesses to invest in our economy, but will also create needed jobs and lift up families struggling to make ends meet.”
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.