Casten Joins IL Auto Manufacturer, Rivian to Discuss How Investments in EV Innovation will Fuel Illinois’ Economic Future as Biden Announces $5 Billion over Five Years for National EV Charging Network
Casten Joins IL Auto Manufacturer, Rivian to Discuss How Investments in EV Innovation will Fuel Illinois' Economic Future as Biden Announces $5 Billion over Five Years for National EV Charging Network
WASHINGTON, D.C. – Congressman Sean Casten today released a video test driving the first all-electric pickup truck manufactured by Illinois EV auto manufacturer Rivian, discussing how EV innovation will fuel Illinois' economic future. Also today, the US Departments of Transportation and Energy announced nearly $5 billion that will be made available under the new National Electric Vehicle Infrastructure (NEVI) Formula Program established by President Biden's Bipartisan Infrastructure Law, to build out a national electric vehicle charging network, an important step towards making electricvehicle (EV) charging accessible to all Americans. The new Joint Energy and Transportation Office and DriveElectric.gov will assist Illinois Electric vehicle infrastructure development plans. For the first year of the program, Illinois will receive over $21 million to begin this work.
The combined influx of investments and tax incentives from the EV provisions in the Infrastructure and Jobs Act Rep. Casten fought to secure and the Reimagining Electric Vehicles Act signed into law by Governor Pritzker in October will create thousands of jobs, spur economic growth, and dramatically lower costs and taxes for Illinois drivers. Expansion Solutions Magazine recently published a piece making a case for why Illinois is positioned to become the the Silicon Valley of Electric Vehicles.
Click here to watch.
"Aside from being able to go from 0 to 60 in 3 seconds, driving an electric vehicle in Illinois means you don't have to pay for gas AND you'll qualify for thousands in tax savings," said Congressman Sean Casten. "Rivian - one of America's fastest growing EV manufacturers and a testament to the importance of state and federal investments in electric vehicle development - has created nearly 3500 jobs in Illinois as they ramp up production on the first all-electric pickup truck. I'm proud to have fought hard to make this surge of federal and state investments in electric vehicles a reality because Illinois has the workforce, innovation, and leadership to lead the clean transportation revolution–and become the economic hub of EV manufacturing and technology.
"From EV auto manufacturers and trailblazing battery technology research at Argonne National Laboratory to unions like IBEW training the next-generation of skilled workers to build and install new electricinfrastructure, folks across our state are stepping up to ensure our transition to a cleaner, stronger economy," Casten continued. "Illinois will lead the country in our fight to combat climate change–protecting our planet, our economy, and our health by ensuring Illinois is a force for an environmental and economic future we can be proud of."
The Infrastructure Investment and Jobs Act–which made the largest federal investment ever in electric vehicle infrastructure in history–will provide Illinois $149 million over five years to build out a robust national network of chargers across the state. Illinois will also have the opportunity to apply for the $2.5 billion in grant funding dedicated to EV charging in highway corridors, rural, and disadvantaged communities. This massive influx of funding presents an enormous opportunity for companies like Rivian to build out charging networks, deploy fleet infrastructure solutions–creating thousands of jobs in the process.
The Departments of Transportation and Energy's new programs under the Infrastructure Investment And Jobs Act, will provide nearly $5 billion over five years to help states create a network of EV charging stations along designated Alternative Fuel Corridors, particularly along the Interstate Highway System. The total amount available to states in Fiscal Year 2022 under the NEVI Formula Program is $615 million. States must submit an EV Infrastructure Deployment Plan before they can access these funds. A second, competitive grant program designed to further increase EV charging access in locations throughout the country, including in rural and underserved communities, will be announced later this year.
Also important to note, Governer Pritzker signed the Reimagining Electric Vehicles Act (REV) into law in October, 2021, not only delivering climate solutions that will lower costs for consumers, but providing significant incentives that make Illinois a premier location for EV related companies looking to grow. The legislation, which will bolster create new capacity for EV vehicle and component parts production and put 1 million EVs on the road by 2030, includes:
- A $4,000 rebate if you buy an EV in Illinois, and rebates of up to 80% for the cost to install a charging station. Both incentives start July 1, 2022. Buyers will need to apply for the rebates within 90 days of purchase. The incentives can be applied to new or used EVs.
- Refundable tax credit of up to 100% payroll tax collected by new EV or EV component manufacturers–which is critical to attracting battery supplier to Illinois, reducing costs and timelines associated with international supply chain issues
- Income tax withholding equal to 75% for new employees (100% in underserved or energy transition areas)
- Credits for education and vocational training
- Tax exemptions for building materials and utilities
- Capital expenditure credits for EV and battery facilities