As part of a tax relief package advanced through the General Assembly last week, language from legislation that was filed by State Representative Tim Butler (R-Springfield) to create the Manufacturing Illinois Chips for Real Opportunity (MICRO) Act was included in the package. The MICRO Act, filed in February by Butler as House Bill 4634, was added as House Floor Amendment 3 to Senate Bill 157, which passed the General Assembly with near-unanimous support.
“While I think the MICRO Act should have been passed on its own merits, I am nonetheless happy to see my colleagues recognize the benefits this legislation will bring to our state,” said Butler. “The MICRO Act means hundreds, even thousands, of jobs can be created here in Illinois to make our state a leader in microchip and semiconductor production.”
The main element of the MIRCO Act is to create the MICRO Program to be administered through the Department of Commerce and Economic Opportunity (DCEO). The program establishes parameters for manufacturers and suppliers of microchips or semiconductors, or their components, to receive incentives for project development and job creation. Manufacturing projects must meet investment parameters ranging from $100 million to $1.5 billion, as well as ensure full-time jobs are created ranging from 50 to 500 depending on project size.
“This isn’t just good for our economy, it also means shifting away from reliance on overseas components from countries like China,” said Butler.
Having passed both chambers of the General Assembly as part of SB 157, the MICRO Act is now headed to the Governor where it is expected to be signed into law. The Illinois Manufacturers Association is also a proponent of the language.