SPRINGFIELD, Ill. (AP) _ The Illinois Historic Preservation Agency says its effort to help private developers and property owners qualify for federal tax credits to rehabilitate historic buildings has pumped more than $726 million into the state economy.
In a news release, the agency says the total spent on projects that qualify for federal tax credits is higher than any other state. And the agency estimates more than $628 million more in rehab expenses will be spent by private firms on projects that are still underway.
The agency says the federal tax credits don’t cost the state any money but helps the state in a number of ways. The help starts with the money developers spend to buy materials, and the money that thousands of construction workers earn on those jobs.