State Historic Tax Credit Effort
Illinois Gov. Bruce Rauner signed bipartisan legislation in August 2017 to extend the River Edge Redevelopment Zone (RERZ) Historic Tax Credit through 2021. This vital historic preservation tool and economic development incentive is currently available in Illinois River cities of: Aurora, East St. Louis, Elgin, Peoria and Rockford. The RERX tax credit provides a state income-tax credit equal to 25% of a project’s qualified expenditures to owners of certified historic structures located within eligible Illinois cities who undertake a certified rehabilitation during the taxable year.