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Friday, April 3, 2009

Illinois Legislation Would Enact Historic Tax Credit Modeled on Missouri's

Rick Bonasch at STL Rising wrote a post today asking for more information on a proposed state historic rehabilitation tax credit in Illinois.

Representative Jay Hoffman (D-Collinsville) filed HB 469 on February 4, Representative Greg Harris (D-Chicago) filed HB 586 on February 6 and Senator Dan Kotoski (D-Park Ridge) filed SB 1366 on February 10. The similar bills would enact a state historic rehabilitation tax credit modeled on Missouri's tax credit. All bills have had a first reading and remain in committee.

While Missouri inexplicably debates the future of its model tax credit, other states are looking at copying ours. What a strange reversal of regional dynamics if Illinois had an uncapped historic rehab tax credit and Missouri did not. The tax credit would be a boon to Alton, Belleville, Granite City and other east side communities that are interested in downtown revitalization.

3 comments:

BeallMansion said...

As your article so accurately indicated the historic tax credit would be a boom to our community.

Since my wife and I purchased, restored, and opened HREF="http://www.beallmansion.com">The BEALL MANSION as an elegant Alton, Illinois bed and breakfast and wedding venue, droves of other have moved into the area and invested in preservation and restoration despite the lack of tax credits.

With the proper financial incentives and leadership, Alton has the potential to be "the Galena" of Southwestern Illinois. Although it may be too late for us to benefit in terms of tax savings, tax credits would be good for the community as a whole which is a benefit to everyone.

Anonymous said...

reinvest in existing infrastructure, maximize on previous investment.

nothing radical there as far as I can tell.

tear it down and move on seems more so (unless it was an un-wise flood plain to begin with)

Peter Noonan said...

Rick -- we wrote this legislation based somewhat on the Missouri program. It was generally an open credit, but a per deal cap at $3 million in credits. We hoped to get it through this session and it was well received, but several bills were staged to proceed only after first getting their statewide budget set. The budget issue went until the last day of the session. So, we did not get approved this session. Pete Noonan