Legislation Signed to Expand Historic Tax Preservation Tax Credits

Governor Bruce Rauner recently signed SB3527 which will expand the River Edge Redevelopment Zone Historic Tax Credit. The bill extends an existing tax credit that was established in 2012 for historic preservation in the River Edge communities. This was originally a five-year pilot program allowing a 25 percent state income tax credit for qualifying projects in blighted, historic riverfront areas in Peoria, Rockford, Elgin, East St. Louis and Aurora. Due to the success of this program, SB3527 will now allow even more communities across Illinois to experience the same economic development and incentives. 

State Representative Steve Andersson was a co-sponsor of SB3527 in the House of Representatives, and has long supported historic preservation serving as the Co-Chair of the Illinois Historic Preservation Caucus. The legislation was a bipartisan effort that seamlessly passed both Houses in May. The bill will improve Illinois communities while retaining the culture and history of the state.

The bill also creates a new Illinois Historic Preservation Tax Credit with $15 million in credits to be administered by the Historic Preservation Division of the Illinois Department of Natural Resources each year between January 2019 and December 2023.

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