120116CM0703rSPRINGFIELD – After nearly two years of negotiation led by State Senator Steve Stadelman (D-Rockford), the Illinois Senate passed a proposal today that will extend the River Edge Historic Preservation Tax Credit an additional year. Previously, the tax credit was set to expire Jan. 1, 2017. The legislation is Senate Bill 1488.

The credit has been an important economic tool for the revitalization of downtown Rockford, and is equal to 25 percent of the rehabilitation costs for a business in a historic building.  

“To date, the tax credit has incentivized more than $100 million of development in Rockford alone,” State Senator Steve Stadelman (D-Rockford) said. “The local economic development council estimates that extending the credit through 2017 would create an additional $110 in development in Rockford. This would be a tremendous boost to our local economy.”

Previously, the tax credit was used to incentivize projects like the $12 million renovation at the Prairie Street Brewhouse, which also created 110 construction jobs. In addition to Rockford, the credit is also available in Aurora, Peoria, Elgin and East St. Louis.

Senate Bill 1488 passed the Senate with a vote of 53-1 and will now head to the governor’s desk.