5 Illinois mayors to ask lawmakers to keep historic tax credit
PEORIA, Ill. (AP) – Mayors from five Illinois cities say they plan to tell state lawmakers that dozens of historic structure renovation projects could be at risk if a key tax break isn’t preserved.
The Peoria Journal Star and Rockford Register Star report that on Wednesday the mayors of Aurora, East St. Louis, Elgin, Peoria and Rockford will voice their support for the 25 percent River Edge Historic Tax Credit program. They want a five-year renewal under Senate Bill 1642.
The tax credit involves projects totaling tens of millions of dollars and thousands of workers.
Rockford Mayor Larry Morrissey says the tax credit program pays for itself through the jobs and income taxes that are created. Peoria Mayor Jim Ardis says the program “worked magnificently for us.”