The Illinois Manufacturers’ Association (IMA) presented its legislative plans for 2024 on Wednesday, February 7th. These plans aim to strengthen the state’s manufacturing ecosystem by supporting students and families entering the workforce, developing advanced technologies, and implementing carbon capture and storage to achieve clean energy goals.
IMA is urging lawmakers to adopt policies that facilitate the hiring and retention of skilled workers by manufacturers and encourage businesses to invest in new technologies. To this end, IMA has recently partnered with members of the General Assembly – the Illinois Manufacturing Caucus, which focuses on issues affecting the industry.
“Illinois has proud traditions in manufacturing, but we cannot rest on our laurels as other states implement policies that attract manufacturers to relocate outside our borders,” said Mark Denzler, President and CEO of the Illinois Manufacturers’ Association. “We must leverage our talent to build a future workforce and adopt technologies that are ready to solve some of the world’s most pressing challenges. Manufacturers throughout Illinois are eager to collaborate with lawmakers to achieve these goals.”
Support for Students and Manufacturing Workers
Partial Student Loan Forgiveness Program (SB1313, Sen. Meg Loughran Cappel/HB4435, Rep. Katie Stuart): This initiative aims to address two problems: student loan debts and workforce shortages. Employers will receive a tax break if they assist in repaying their employees’ student loans. Modeled after the federal Employer Participation in Repayment Act, this program will help reduce student debt while attracting workers to the manufacturing sector.
Manufacturing School Scholarship Program (Sen. Karina Villa): Similar to the MAP grant program, this initiative will provide high school students with free college-level education if they participate in manufacturing education programs. It will not waive tuition fees, but a minimum of 20% participation from underrepresented groups will be required. This program encompasses both manufacturing programs at technical colleges and apprenticeship programs and unions.
Initiatives Supporting Parents and Students
Pilot Childcare Incentive Program in Manufacturing Facilities (HB4670, Rep. Amy Elik): This establishes a pilot program that allows ten manufacturers to open on-site childcare facilities exclusively for employees at no cost. Employers must meet personnel, medication, background check, and liability insurance requirements through a streamlined approval process. IMA is also seeking grants and incentives for employers opening childcare facilities in areas lacking such services.
High School Graduation Requirements (HB3307, Rep. Amy Elik/Rep. Katie Stuart): According to this proposal, high school graduation requirements will be changed to allow students to complete two years of vocational education-related courses instead of a two-year foreign language requirement. This will provide students with the necessary knowledge that better aligns with their expectations and employers’ needs.
Modernizing Research and Development Tax Incentives
Research and Development Tax Credit Enhancements (SB163, Sen. Don DeWitte/HB4457 Rep. Joe Sosnowski): Research and development are vital factors for manufacturers, who are constantly creating and improving products. However, Illinois’ research and development tax credit is outdated and set to expire soon without intervention from the state government. This proposal increases the tax credit for research and development by over 50%, based on growth in qualifying expenditures during the baseline period. Currently, the credit is based on growth of over 100% in qualifying expenditures during the baseline period. This change allows for a modernized approach to the credit, aligning with federal principles and ensuring a permanent research and development tax credit.
Promoting Clean Energy
Carbon Capture and Storage (CCS): IMA continues to pursue regulations concerning carbon capture and storage, including issues related to land, permits, liability, and fees. Illinois has the potential to become a leader in CCS, contributing to the achievement of clean energy goals while promoting economic growth. However, the longer Illinois delays action, the more other states will seize the opportunity and secure competitive federal funds.
1. What are IMA’s goals for 2024?
IMA’s goals for 2024 include strengthening Illinois’ manufacturing ecosystem through support for students and families entering the workforce, the development of advanced technologies, and the implementation of carbon capture and storage to achieve clean energy goals.
2. What initiatives are aimed at supporting students and manufacturing workers?
– Partial Student Loan Forgiveness Program: This program allows employers to receive a tax break if they assist in repaying their employees’ student loans.
– Manufacturing School Scholarship Program: This program provides high school students with free college-level education if they participate in manufacturing education programs.
3. What initiatives are aimed at supporting parents and students?
– Pilot Childcare Incentive Program in Manufacturing Facilities: This program establishes a pilot program that allows employees access to on-site childcare facilities at no cost.
– High School Graduation Requirements: Changes to high school graduation requirements allow students to participate in vocational education-related courses instead of a foreign language requirement.
4. What are the proposals for modernizing research and development tax incentives?
The proposals aim to increase research and development tax credits to account for growth in this area. Currently, the credit is based on growth of 100% compared to qualifying expenditures during the baseline period.
5. What actions are being taken to promote clean energy?
IMA is working towards establishing regulations for carbon capture and storage (CCS) to contribute to clean energy goals. Illinois has the potential to become a leader in this field, but action must be taken promptly to avoid losing competitiveness.
6. Is IMA collaborating with lawmakers to achieve its goals?
Yes, IMA has partnered with members of the General Assembly – the Illinois Manufacturing Caucus – to work together towards achieving the association’s goals.
7. What are the potential benefits of implementing IMA’s plans?
Implementing IMA’s plans can bring numerous benefits, such as a stronger manufacturing ecosystem, increased competitiveness for the state of Illinois, attracting skilled workers, and achieving clean energy goals.
8. What are the consequences of inaction in carbon capture and storage?
The longer Illinois delays action in carbon capture and storage, the more other states will seize the potential for CCS and secure competitive federal funding.
9. Is IMA seeking grants and incentives for employers opening childcare facilities in manufacturing facilities?
Yes, IMA is seeking grants and incentives for employers opening childcare facilities in areas lacking such services.
10. What are the main goals of IMA’s legislative policy for 2024?
The main goals of IMA’s legislative policy for 2024 are to support students and families entering the workforce, develop advanced technologies, and implement carbon capture and storage to achieve clean energy goals in the state of Illinois.
The source of the article is from the blog j6simracing.com.br