T/CCI awarded electric vehicle tax incentive package
By Becky Schultz12 September 2022
Compressor technology provider T/CCI Manufacturing announced it has received the first Reimagining Electric Vehicle Tax Incentive Package from the State of Illinois. Known as REV Illinois, the tax incentive package is designed to bolster Illinois manufacturing and to grow the ecosystem to create new capacity for electric vehicles (EVs) and component parts production.
Under the program, companies with plans to invest in a new or existing manufacturing facility to produce EVs, EV component parts or EV power supply equipment have the opportunity to qualify for exemptions on income tax withholding, utilities tax, training and equipment/capital costs. T/CCI said it plans to invest more than $20 million to retool its Decatur, IL, facility to transition to electric compressor manufacturing. The move is expected to create over 50 new jobs and retain 103 existing positions.
In addition, as part of the larger incentive package, the Illinois Department of Commerce and Economic Opportunity has granted $15.3 million to Richland Community College and $6.0 million to the City of Decatur through the Rebuild Illinois Public Infrastructure (RIPI) Capital Program. These grants will support programs that work with T/CCI to co-create an EV Component Manufacturing Facility, EV Advanced Engineering & Software Technology Training Academy and a Climatic Center for Innovation & Research at T/CCI’s headquarters.
The Climatic Center for Innovation & Research will support technology advancements and climatic testing for high-voltage systems, battery cooling and both A/C and heat pump capabilities. It will include a DC fast charger for EVs for testing capability of fast charging EVs under extreme cold and hot conditions. The center will also be available to businesses, organizations and researchers looking to accelerate opportunities for faster-to-market technology development, enhanced safety, emissions control criteria development and other advancements that will accelerate electrified technology adoption.
“This is a significant moment for T/CCI, the City of Decatur and the State of Illinois, as we embark on new programs to transition our industry toward widespread electrification,” said Richard Demirjian, president of T/CCI Manufacturing. “We’re excited to use our expertise in innovation and component manufacturing to advance Illinois’ position and create a successful partnership that drives long-lasting economic growth.”