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.
Senator Chuck Weaver on the importance of Senate Bill 3527
“Investing in our state’s historic structures is critical to not only preserve and promote our local history, but also generates economic and community development in our region through construction jobs, permanent employment opportunities and state income tax revenue,” said Sen. Chuck Weaver, R-Peoria. “Peoria has been at the forefront of this effort. I applaud the governor for his continued support of this important tool, which will encourage the revitalization of vacant or blighted historic and riverfront property in other communities across Illinois.”
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.
“Our state has such a rich history, making it so important that we, as legislators, continue to do what we can to promote and protect our state’s most valued treasures,” said Sen. Pamela Althoff, R-McHenry. “I am extremely proud to have sponsored this measure which will provide financial support to those individuals and organizations seeking to keep our history alive by taking on costly preservation projects. This legislation is a vital economic development tool that will foster the reuse of historic buildings throughout the state and bring our history back to life.”
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.
“This tax credit can be a big deal for communities across Illinois,” said Sen. Neil Anderson, R-Andalusia. “These projects can provide a real shot in the arm for a local economy, creating jobs and spurring economic growth. Revitalizing historic structures preserves Illinois history and can also boost tourism for the area.”