New law expands historic preservation tax credit program
The River Edge Redevelopment Zone (RERZ) Historic Tax Credit, which is a vital economic tool that has fostered the reuse of historic buildings throughout the state, has now been expanded to other communities statewide.
Senate Bill 3527, signed by the Governor this week in Peoria, allows for a 25 percent state income tax credit for qualifying rehabilitation projects of historic structures throughout Illinois. Originally, this tax credit was only given to projects in riverfront areas in Peoria, Rockford, Elgin, East St. Louis and Aurora through the RERZ tax credit.
Proponents of the measure say the legislation will not only revitalize historic structures, but also will add jobs and fuel economic development statewide. They also note that, according to Landmarks Illinois, since the RERZ Historic Tax Credit took effect in 2009, it has resulted in $82.1 million in private investment in the Illinois river cities.