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River Edge Tax Credit Extended

Governor Bruce Rauner recently signed into law SB1783 that extends the River Edge Tax Credit.

This historic tax credit gives a 25 percent rebate of state taxes to developers who renovate historic structures. The communities of Aurora, Peoria, Rockford, Elgin and East St. Louis are eligible for the program.

The bill had large bipartisan support in both the House and Senate. State Representative Steve Andersson serves as co-chair of the historic preservation caucus, and was a co-sponsor of the initiative.

“This credit is important as it makes historic preservation possible, much of which is costly especially in terms of redevelopment,” said Andersson. “Preserving the historic aspects of Illinois is integral to our community’s history and the larger history of our state, and this is a great step to making this continue to be possible.”

Not only does the program serve to preserve history, but has also worked to spur economic development in the state through the designated communities.

The program initially began in 2011, but the current bill that was signed will continue the program through 2021.

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