Jul 28, 2018

Expanded historic preservation tax credits could help Quad-Cities

PEORIA — Gov. Bruce Rauner on Thursday signed SB 3527, a bipartisan bill improving and expanding the River Edge Redevelopment Zone Historic Tax Credit.

The 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.”

State Rep. Tony McCombie, R-Savanna, said the expanded tax credits will encourage investors “to take a look at the historical presence here in northwest Illinois.

“The reforms and expansion of the River Edge Program will inspire additional investments to properties that have historically been too difficult to redevelop,” she said.

“Historic structures are often the core of our communities and the signing of this legislation will give communities another tool to boost economic development,” she said. “I am proud to support and celebrate our history through projects that will reuse and repurpose our past.”

Read more at: https://qconline.com/news/local/govt-and-politics/expanded-historic-preservation-tax-credits-could-help-quad-cities/article_5fced209-f62f-56de-b500-33a9eba0bfde.html