New RERZ law expands historic preservation tax credit program
Illinois Gov. Bruce Rauner has signed Senate Bill 3527 into law, allowing for more historic structures across the state to benefit from a 25 percent income tax credit toward their rehabilitation.
The bill, known as the River Edge Redevelopment Zone (RERZ) Historic Tax Credit, was sponsored by Sen. Neil Anderson (R-Andalusia). It originally applied only to qualifying projects in riverfront areas in Peoria, Rockford, Elgin, East St. Louis and Aurora.
“This tax credit can be a big deal for communities across Illinois,” Anderson said in a press release. “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.”
Supporters of the measure insist the newly expanded law will prove to be a major boost to economic development across the state by creating jobs and fueling development. Since the RERZ tax credit law went into effect in 2009, it has created more than $82 million in private investment in the Illinois river cities.