On Wednesday, June 26, Illinois Governor JB Pritzker signed a comprehensive legislative package, HB5005, aimed at boosting corporate development and enhancing Illinois’ competitiveness for attracting new businesses and capital investments. This package includes several priorities the Chicagoland Chamber championed and advocated for throughout the 2024 Spring Legislative Session including incentives for quantum technologies research and development and a quantum campus hub, a 5-year extension of the standard Illinois Research and Development tax credit, enhancements to the Illinois Film Tax Credit as well as important improvements to the Economic Development for a Growing Economy (EDGE), Reimagining Energy and Vehicles (REV), and the Manufacturing Illinois Chips for Real Opportunity (MICRO) programs. Additionally, the legislation strengthens Illinois’ status as a tech hub and simplifies regulations for the Blue Collar Job Act (BCJA).
Chicagoland Chamber of Commerce Vice President of Government Relations and Strategy, Brad Tietz joined Governor Pritzker, Lt. Governor Stratton, legislative champions, and many key partners of the Chamber at the bill signing ceremony. Tietz and the Chamber’s Government Relations team have been diligently advocating for the inclusion of many items within the bill throughout this past legislative session and beyond. The Chamber has prioritized this legislation, recognizing its pivotal role in advancing Chicagoland’s economy.
President and CEO of the Chicagoland Chamber of Commerce, Jack Lavin, also commented on the historic signing, “Illinois is on the precipice of becoming a premier global hub for quantum technologies and the quantum campus development and research and development tools included in this bill only strengthen this effort. By extending the R&D tax credit, strengthening the REV Act, and enhancing the Film Tax Credit, and thanks to the leadership of Governor Pritzker, Illinois will continue to grow in these groundbreaking industries and be a leader in innovation driving economic growth and job creation across our region and the state.”
Official Statement from the Chicagoland Chamber of Commerce
The Chicagoland Chamber of Commerce released the following statement applauding Governor JB Pritzker’s signing of HB 5005 into law, which includes key initiatives to help bolster Illinois’ economy through investments in high-growth industries, including quantum.
“Governor Pritzker has been the most proactive governor in the nation for economic development and today’s bill signing is another example of the progress that has been made. The Chicagoland region is on the precipice of becoming a premier global hub for quantum technologies and the quantum campus development and research and development (R&D) tools included in this bill only strengthen this effort. Additionally, by extending the R&D tax credit, strengthening the Reimagining Energy and Vehicles in Illinois Act (REV Act), and enhancing the Film Tax Credit, among other changes in HB 5005, Illinois will continue to grow in these groundbreaking industries and be a leader in innovation driving economic growth and job creation across our region and Illinois. We look forward to our continued work and partnership with Governor Pritzker, DCEO, and the Illinois General Assembly to ensure that our state continues to attract high growth industries that will usher in the future of technology.”
