SPRINGFIELD, Ill. (WTVO) — Illinois has lifted a pause on the Blue Collar Jobs Act which provides an income tax credit to companies that invest in Illinois.
The program, which makes $20 million in tax credits available annually to eligible companies, began in 2019 but was put on hold in 2021.
Eligible companies can receive up to 75% income tax withholding credits for their construction workers in an underserved area, or 50% for projects located in other areas.
“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,” Gov. J.B. Pritzker said
The companies must be located in a designated Enterprise Zone or River Edge Redevelopment Zone, be designated a High Impact Business or have an agreement under the Economic Development for a Growing Economy Program, to be eligible, according to The Center Square.
Companies that completed construction projects in 2021 or later are eligible to apply for the credits.