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Supporting Organizations
AIA Illinois
Illinois Association of
Realtors
Landmarks Illinois
National Trust for
Historic Preservation
Preservation Chicago
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Historic Tax Credit
Strengthening Illinois’ Economy by Reinvesting
in Historic Places
Update
Wednesday, May 8, 2013 – Landmarks Illinois and AIA
Illinois testified before the House Revenue and Finance
Committee on SB336, the Illinois Rehabilitation and
Revitalization Tax Credit, during a subject matter
hearing on enterprise zones and tax incentives. The bill
must pass out of the House Rules Committee in order to
have a formal public hearing ending with a vote or the
Committee could chose to include the measure as part of
an Omnibus Tax Bill.
What can you do? Please contact your
Illinois State Representative to urge his or her support
for including the Illinois Rehabilitation and
Revitalization Tax Credit [SB336] as part of a final
omnibus tax proposal.
Click here to locate your Representative’s contact
information.
Update
Monday, April 29, 2013 – SB336 was passed over from the
Senate to the House of Representative and referred to
the Rules Committee.
Update
Wednesday, April 24, 2013 - Thanks to the support of
the many of you who called your Senator, today the Illinois Senate
passed SB336 - the Illinois Rehabilitation and
Revitalization Tax Credit - by a strong vote of 46 to 8.
The bill will now move over to the Illinois House of
Representatives for consideration. To see how your State
Senator voted,
click here.
Update
Wednesday, April 17, 2013 – SB336, as amended, was
re-referred to the Senate Revenue Committee and passed
by a vote of 9-3 to head for a final vote before the
full Senate. Yes votes: Senators Hutchinson, Noland,
Althoff, Bush, Jones, Kotowski, McGuire, Murphy, and
Sullivan. No votes: Senators Duffy, Landek, and
McCarter.
Update
Wednesday, March 20, 2013 – SB336 has passed the Senate
Revenue Committee with a vote of 8-2-1 and is headed to
the Senate Floor. Yes votes: Senators Hutchinson,
Noland, Althoff, Bush, Biss (sitting in for Jones),
Kotowski, McGuire, and Sullivan. No votes: Senators
Duffy and McCarter. Present (abstention): Senator Landek.
Update
Wednesday, January 23, 2013 - Senator Andy Manar
(D-Bunker Hill) has introduced Senate Bill 336 [SB336],
the Illinois Rehabilitation and Revitalization Tax
Credit creating a new, statewide historic preservation
tax credit program.
Click here to read the original bill
language and subsequent amendments.
Make Illinois’ historic tax credit program truly
statewide.
Landmarks Illinois, the American Institute of Architects
(AIA) Illinois, and our partners are advocating to
expand the current
Illinois Rehabilitation and Revitalization Tax Credit
to ensure this incentive is available statewide to
catalyze economic development through preservation.
The current tax credit program is a 25% state income tax
credit for eligible historic projects located only
within River Edge Redevelopment Zones in Aurora, East
St. Louis, Elgin, Peoria, and Rockford. Initially passed
in 2010, and expanded in 2011 (SB2168), the tax credit
as written complicates transactions with limitations on
location, incentive
layering, transferability, and phasing.
Why Does Illinois Need a Statewide Historic
Rehabilitation Tax Credit?
A state historic rehabilitation tax credit is critical
to create new jobs and leverage private investment in
Illinois. Without this tax credit, Illinois risks losing
hundreds of redevelopment, investment, and job creation
opportunities to neighboring states that do have this
type of incentive, thereby slowing our overall economic
recovery.
Photo: Will
Rogers Theatre, Charleston, IL. Credit: Bonnie McDonald
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