In late July, Governor Rauner signed a bill expanding the River Edge Redevelopment Zone Historic Tax Credit. What was once limited to Aurora, East St. Louis, Elgin, Peoria, and Rockford will now be available statewide to promote employment and economic development. Created in 2012, the program offered a 25% state income tax credit for rehabilitating and revitalizing historic properties located in the River Edge Redevelopment Zone.
Now available statewide, businesses located in a historic building can apply to receive a 25% tax credit for the rehabilitation costs of the premises. The state announced that it will administer up to $15 million dollars on a first come-first served basis each year. The tax credits will be managed by the Historic Preservation Division of the Illinois Department of Natural Resources and will be available until December 2023. For help applying or to see if your business is eligible, please contact the attorneys at Rock, Fusco & Connelly.