Stadelman economic growth bill signed into law

SPRINGFIELD - Thanks to State Senator Steve Stadelman, a new law is on the books that aims to stimulate economic development through incentives for cutting-edge technology and clean energy manufacturing, with a particular focus on job creation in the Rockford area.

"This is a major step forward for our state's economy," said Stadelman (D-Rockford). "By incentivizing high-tech and clean-energy industries, we are not only paving the way for innovative developments but also ensuring the creation of good-paying jobs for our residents."

The new incentives will build on the 2021 Stadelman-sponsored Reimaging Energy and Vehicles Act, which positioned Illinois as a hub for electric vehicle and battery production. Last year, automaker Stellantis announced a $5 billion investment that includes a new EV product for the Belvidere Assembly plant, a battery production facility and a parts distribution center. Stadelman's law will further advance zero-carbon technologies in Illinois by offering incentives for green steel manufacturing and electric and hybrid aircraft production.

The law also includes tax incentives for emerging industries like quantum computing. Vastly faster than current technology, quantum computing is under development by top Illinois universities. The new budget creates an incentivized enterprise zone for a quantum computing campus in the state.

"By fostering the development of quantum computing technology, we are positioning Illinois at the forefront of technological advancement," said Stadelman. "This initiative will attract cutting-edge industries to our state, driving long-term economic growth."

House Bill 5005 was signed into law Wednesday and takes effect immediately.