by Michael R. Allen
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.