State announces 3rd manufacturing expansion spurred by new tax credit twill
At a groundbreaking ceremony at a Prysmian Group manufacturing plant in Du Quoin, the administration announced the signing of the state's third contract under a tax incentive program for renewable industries that initially became law in 2021.
"This expansion is on a scale of investment that Du Quoin has not seen in a generation," Mayor Josh Downs said at a Thursday news conference."So today I will take great pride in the fact that this announcement has very likely secured the economic stability of our city for the next 50-plus years." The Italian company has its global headquarters in Milan and North American headquarters in Highland Heights, Kentucky. It plans a near-$64 million investment at its Du Quoin facility, one of its 28 plants located in North America.
All three of the contracts the REV Act has yielded thus far have been with downstate Illinois companies. In September 2022, T/CCI Manufacturing in Decatur announced a plan to retool its Macon County plant to manufacture compressors for electric vehicles. Under the contract, the company was expected to create 50 new jobs and maintain 103 positions in order to receive $2.2 million in tax incentives.
The initial tax credits ranged from 75% to 100% of income tax withheld for newly created jobs and 25% to 50% for retained employees, depending on factors such as company location and the number of employees hired. A 10 percent credit for training expenses is also available.
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