Action expected to fuel jobs, economic development statewide
PEORIA — Gov. Bruce Rauner today signed SB 3527, a bipartisan bill improving and expanding the River Edge Redevelopment Zone (RERZ) Historic Tax Credit. The successful economic development incentive now will be available to communities statewide.
“This legislation opens up millions of dollars in economic incentives in the form of tax credits for historic preservation projects throughout Illinois,” Rauner said after signing the bill at the Peoria Riverfront Museum Plaza. “It is imperative that we add jobs and fuel economic development. This bill will help Illinois achieve those goals while also preserving our past and making our state even more beautiful to visit.”
Established in 2012, the RERZ originally was 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.
SB 3527, which passed both Houses in May, expands availability of the historic tax credits to similar projects across the state. It also adds 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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