State Senator Steve Stadelman (D-Rockford) secured passage of legislation today that extends the River Edge Historic Preservation Tax Credit for four more years starting in January 2018.

Stadelman passed a measure in December extending the tax credit, originally set to expire Jan. 1, 2017, until Jan. 1, 2018. Today’s vote allows the credit to last through January 2022.

“The tax credit has already incentivized hundreds of millions of dollars of development in Rockford alone,” Stadelman said. “This will help put crumbling infrastructure back to use, grow the economy and increase revenue.”

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.  

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 1783 passed the Senate unanimously and will now move to the House for consideration.