The Illinois State Senate recently passed S.B. 2886, a bill that would allow project sponsors to transfer tax credits earned from the restoration and preservation of qualified historic structures located in River Edge Redevelopment Zones (RERZ). In addition to making the credits fully transferable, the bill would allow investors to pay more for the credits, potentially bringing more private financial support to projects. S.B. 2886 is an expansion of the Historic Rehabilitation Tax Credit Act (2011) which provides tax credits against Illinois income taxes for 25 percent of the cost of rehabilitating qualifying historic properties located in a RERZ. The bill is sponsored by Representative Charles Jefferson (D-Rockford) in the House, and Senators James Clayborne (D-Belleville), William Delgado (D-Chicago), David Koehler (D-Pekin), Linda Holmes (D-Aurora), and Emil Jones III (D-Chicago) from the Senate. S.B. 2886 will be considered by the Illinois House of Representatives.
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