Belt Secures Tax Credits And Exemptions For Aircraft Engines, EV Manufacturers
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
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