Stadelman introduces bills offering tax credits for historic renovation and downtown office conversions

State Senator Steve Stadelman presented testimony to the Revenue Committee this week on two bills to help communities renovate historic properties and repurpose urban office spaces -- the new Revitalizing Downtowns Tax Credit Act and an expansion of the Historic Preservation Tax Credit.

Among those who testified were Rockford developer and architect Gary Anderson, who also serves as Chairman of Landmarks Illinois, the state's leading preservation advocacy group.

Under Senate Bill 1743, developers could receive an Illinois income tax credit equal to 25 percent of costs to convert an office building to residential, retail or commercial use.

“Downtowns are the economic engines of our cities and right now many are struggling. In the wake of the COVID-19 pandemic," Stadelman said, "many companies have moved to remote work, which has led to many office spaces going unused. This tax credit would incentivize renovation of these office spaces to help bring more life to downtown areas and help the business that remain there.”

Stadelman also has introduced Senate Bill 119 to extend the state's Historic Preservation Tax Credit another 5 years and increase funding for the program from $15 million to $75 million a year.

“These historic tax credits are a proven economic development tool," said Stadelman, sponsor of the original legislation. "They've allowed communities to take old, sometimes vacant buildings, and return them to marketability.”
 

Local architect and developer Gary Anderson joins Senator Stadelman to testify before the Revenue Committee in Springfield this week.

 

Stadelman passes bill to extent protections for tenants in smaller rentals

To help tenants who lease single-family homes, duplexes or three- or four-family properties, State Senator Steve Stadelman passed legislation yesterday to require greater transparency from landlords attempting to withhold security deposits.

“Currently, there are no security deposit protections for renters of small properties with five or fewer units,” Stadelman said. “This legislation would expand the current ways renters are protected to include those renting smaller properties with five or fewer units.”

Under existing law, landlords can withhold security deposits for tenants in buildings with five units or more as long as they provide an itemized statement of damages within 30 days after a tenant moves out. For those living in a building with five or fewer units, a withheld security deposit does not require a statement explaining why the deposity was withhold and listing damages.

Senate Bill 1741 would remove this limitation and require landlords to provide an itemized statement of damages before withholding a security deposit from any tenant, regardless of the number of units in the rental property. The legislation also would require landlords to send the itemized receipt of property damage within 30 days of when the tenant moves out or possession under the lease ends.

“If renters don't get their security deposits back, they should have a right to know why," Stadelman said. "Living in a smaller rental should not mean someone has fewer protections. Landlords can abuse the current law to withhold security deposits without tenants ever knowing why."

Senate Bill 1741 now heads to the House for approval.
 

In case you missed me on Facebook ...

Steve Stadelman
Yesterday at 9:12 AM

I was thrilled to be on hand yesterday when the Gov. Pritzker and the Illinois Manufacturers' Association announced Ingersoll Machine Tools as winner of its Makers Madness Coolest Thing Made in Illinois competition! Ingersoll prevailed in the bracket-style contest for its Rosenberg Moon Habitat -- the world's tallest, 3D-printed polymer structure, which will serve as home for astronauts in space!
 

May be an image of 8 people and people standing

May be an image of 1 person, outdoors and text

 

Steve Stadelman
March 26 at 2:20 PM

Chief Joel Hallstrom dressing in style (his shirt has pics of North Park fire engines) for the North Park Fire Protection Dist. Annual Dinner and Awards night. Congrats and thank you to all the volunteer firefighters for your service to the community!
 

Jan Willcox
Joel LOOK'N GREATTTTTT!!!!!!!!

 

Lori Rigotti
Great shirt Joel!