State Historic Tax Credit
On July 26, 2018, Gov. Bruce Rauner signed legislation that improves and expands the existing River Edge Redevelopment Zone Historic Tax Credit (RERZ). The bill, which passed the Illinois General Assembly in late May with near unanimous support, amends the RERZ to enhance its usability and establishes a new statewide Historic Preservation Tax Credit across Illinois. The bill, SB3527, was authored by primary sponsors Rep. Jehan Gordon-Booth (D-Peoria) and Sen. Steve Stadelman (D-Rockford).
The RERZ and Illinois Historic Preservation Tax Credit bills have been supported by Landmarks Illinois and the American Institute of Architects-Illinois since 2009. Both organizations provided language, testimony, research and expertise on tax credit best practices for the authors of SB3527.
The Illinois State Historic Preservation Office released the 2019 schedule for those applying for the new statewide historic preservation tax credit. See all important dates and the full schedule here.
Landmarks Illinois has provided the following FAQ document to better explain the legislation.FAQs