050416CM0574SPRINGFIELD – After nearly two years of negotiation led by State Senator Steve Stadelman (D-Rockford), Governor Bruce Rauner signed into law Senate Bill 1488, which will extend the River Edge Historic Tax Credit for an additional year. Previously, the tax credit was set to expire Jan. 1, 2017. The legislation is Senate Bill 1488.

The credit has been an important economic tool for the revitalization of downtown Rockford and is equal to 25 percent of the rehabilitation costs for a business in a historic building.  

“This credit is a vital tool for economic development. For years, it has been the only financial incentive for developers to invest in downtown Rockford,” Stadelman said. “To date the tax credit has spurred more than $100 million in development in our community alone.”

Previously, the tax credit was used to incentivize projects like the $12 million renovation at the Prairie Street Brewhouse, which created 110 construction jobs. In addition to Rockford, the credit is also available in Aurora, Peoria, Elgin and East St. Louis.