SPRINGFIELD – Legislation expanding an economic development tool known as the River Edge Tax Credit was signed into law by the governor today. The proposal, Senate Bill 3527, was passed through the General Assembly by State Senator Steve Stadelman (D-Rockford) earlier this spring.

While the tax credit was previously available in downtown Rockford, Aurora, Peoria, Elgin and East St. Louis, the new law will expand it across the entire state.

“This tax credit has been a vital tool to spur the economic growth of downtown Rockford,” Stadelman said. “I’m excited about the possibilities that await our state by expanding this credit statewide.”

The credit is equal to 25 percent of the rehabilitation costs for a business in a historic building, with a limit of $15 million total per year that will be administered by the Illinois Department of Natural Resources on a first-come first-serve basis. The program will expire at the end of 2023.
 
In Rockford, it has been used to incentivize projects like the $12 million renovation at the Prairie Street Brewhouse.

Now that it has been signed, Senate Bill 3527 will be effective immediately.