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SPRINGFIELD, Ill., June 1, 2018 /PRNewswire-USNewswire/ -- The Illinois General Assembly anesthetized a bill to advance and aggrandize the absolute River Bend Redevelopment Zone Celebrated Tax Acclaim (RERZ). By an cutting majority, the Assembly beatific the bill, SB3527, to Governor Bruce Rauner, aperture up this acknowledged allurement statewide. The bill apology the RERZ to enhance its account and establishes a new statewide Celebrated Canning Tax Acclaim beyond Illinois. Landmarks Illinois and the American Institute of Architects-Illinois bless the casual of this important legislation. Both organizations accept accurate this legislation and provided ability on tax acclaim best practices for the bill authors.

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"In adjustment to acquisition artistic opportunities to put added advance in our communities, we charge to advance our aggressive edge," said Rep. Jehan Gordon-Booth, primary sponsor of the bill, as she presented the bill for admission on the House Floor. "We are attractive to get added barrio aback on the tax rolls in our communities. If we are activity to be austere about axis the accompaniment around, we accept to be austere about creating an ambiance area bodies can be acknowledged and body a family."

On May 31, 2018, the Illinois House voted 101-11-1 on the bill, and the Senate voted 51-0, assuming about accustomed abutment for accretion the availability of accompaniment celebrated tax credits to celebrated reclaim projects beyond Illinois. Authored by primary sponsors Sen. Steve Stadelman (D-Rockford) and Rep. Jehan Gordon-Booth (D-Peoria), the bill adapted absolute RERZ accent and broadcast the affairs statewide. The RERZ affairs was accustomed in 2012 as a five-year pilot acceptance a 25 percent accompaniment assets tax acclaim for condoning projects that created jobs and revitalized abandoned and austere celebrated backdrop forth riverfronts in Aurora, East St. Louis, Elgin, Peoria and Rockford. The bill antiseptic how the RERZ acclaim is activated to phased projects, establishes a carry-forward accouterment and bigger defines anamnesis events.

SB3527 additionally establishes a new statewide Illinois Celebrated Canning Tax Credit. Celebrated canning projects statewide that accommodated one of bristles targeted belief and a activity abode analysis can administrate for a 25 percent accompaniment assets tax acclaim for able expenditures, up to $3 actor in accompaniment credits per project. The Celebrated Canning Division of the Illinois Department of Natural Assets will administrate two appliance circuit annually to admeasure the $15 actor accessible per year. Credits will be allocated on a first-come, first-served base and applicants charge reapply if not accepted. The affairs will be in aftereffect from Jan. 1, 2019, through Dec. 31, 2023.

"The River Bend Tax Acclaim has a accurate almanac of creating jobs and dispatch bread-and-butter development in Rockford," said Sen. Steve Stadelman of the broadcast program. "I attending advanced to its connected success statewide."

The RERZ and Illinois Celebrated Canning Tax Acclaim bills accept been accurate by Landmarks Illinois and the American Institute of Architects-Illinois aback 2009. Both organizations provided language, testimony, analysis and ability on tax acclaim best practices for the bill authors. Rep. Gordon-Booth referenced on the House Floor a 2013 abstraction by Landmarks Illinois demonstrating the bread-and-butter charge for a accompaniment celebrated tax credit.

"For nine years, our affiliation of architects and advocates championed the capability of celebrated tax credits as a accurate bread-and-butter and association development incentive," said Mike Waldinger, Hon. AIA, Executive Vice President of AIA Illinois. "It is so acceptable to see those efforts assuredly succeed, and we attending advanced to the transformative projects to come."

"By an cutting majority, the Assembly has beatific a bill to Governor Rauner that would accessible up communities statewide to added clandestine advance through a accurate bread-and-butter development and job-creation tool," said Bonnie McDonald, President & CEO of Landmarks Illinois. "We acknowledge the bill's authors, sponsors, co-sponsors and supporters for ensuring this basic celebrated canning allurement is accessible for all Illinois communities." 

Joining primary bill sponsor Sen. Steve Stadelman as sponsors are Sens. David Koehler, Chuck Weaver, Neil Anderson, Pamela J. Althoff, Cristina Castro and Jil Tracy. House sponsors abutting primary sponsor Rep. Jehan Gordon-Booth are Reps. LaToya Greenwood, Michael Halpin, Litesa E. Wallace, Nicholas K. Smith, Anna Moeller, Marcus C. Evans, Jr., Arthur Turner, Camille Y. Lilly, Linda Chapa LaVia, Steven A. Andersson, Tony McCombie, Norine K. Hammond, Joe Sosnowski and Carol Sente.

Sponsors were quick to animadversion on the bill's merits:

Sen. Pamela Althoff (R-McHenry): "We all accept places that advice ascertain area we are from. Sadly, abounding of them accept had their best canicule in the past. By axis apart clandestine investment, these places can accept a brighter approaching and be landmarks for approaching ancestors as well."

Sen. David Koehler (D-Peoria): "Peoria has been advantageous to advance the way for added communities in Illinois. We were the aboriginal to use this allurement at the Pere Marquette eight years ago and this new legislation will anon construe into a $100 actor advance in redevelopment by OSF St. Francis that would not be accessible otherwise."

Sen. Andy Manar (D-Bunker Hill): "On capital streets and courthouse squares beyond the state, there are hidden celebrated gems cat-and-mouse to be brought aback to activity and accord to the activity of their community. The tax acclaim affairs is our best way to see those projects appear and I'm appreciative to accept accurate them from the beginning."

Rep. Michael Halpin (D-Rock Island): "We allocution a lot about how to actualize jobs and attempt with our adjoining states. This bill does absolutely that. It attracts business advance that too generally went beyond the river. A baby advance in our bounded business association will acknowledgment that money tenfold into our economy."

Rep. David Harris (R-Mount Prospect): "I see abounding tax acclaim account brought to the legislature, and I was initially agnostic about this one for several reasons. However, my colleagues and the individuals who accurate the abstraction fabricated active efforts to abode all of the apropos raised. This is how the action is advised to work, and I am hopeful the after-effects will be as absolute as talked about. I was admiring to accord my abutment to this initiative."

Rep. Steven Andersson (R-Geneva): "Historic Tax Acclaim projects are that attenuate win-win-win we attending for. The design, architectonics and development aggregation wins from the jobs created, the association wins by abating a abundant bounded asset and the taxpayers win with a amazing acknowledgment on investment."

Accolades for the bill sponsors came in from the mayors of their communities, as well:

Rockford Mayor Tom McNamara commended the aldermanic accomplishment to advance the RERZ language. "The River Bend tax acclaim has absolutely spurred a activation of our downtown, which has helped affect a renewed faculty of pride for our residents. I absolutely acknowledge Sen. Stadelman's angry advancement for Rockford."

"Bringing jobs and bread-and-butter befalling to Peoria will consistently be one of my top priorities," said Peoria Mayor Jim Ardis. "I appetite to acknowledge Rep. Gordon-Booth on her connected administration on this issue. This legislation will advice accumulate the processes for businesses to booty advantage of important bread-and-butter assets to advice Peoria grow."

About Landmarks Illinois Landmarks Illinois is a membership-based nonprofit alignment confined the bodies of Illinois. As the state's arch articulation for celebrated preservation, we affect and empower bodies to save places for bodies by accouterment chargeless guidance, applied and banking assets and admission to cardinal partnerships. Visit www.Landmarks.org to apprentice more.

About the American Institute of Architects-IllinoisThanks to over 4,000 members, AIA Illinois is empowered to best the profession of architectonics and works with policymakers in following of added active places for every community. Visit http://www.aiail.org/ to apprentice more.

Kaitlyn McAvoyCommunications Manager, Landmarks Illinois kmcavoy@landmarks.org312-922-1742

Bonnie McDonaldPresident & CEO, Landmarks Illinois bmcdonald@landmarks.org312-515-1545

View aboriginal content:http://www.prnewswire.com/news-releases/illinois-general-assembly-passes-bill-to-improve-and-expand-historic-tax-credit-program-300658533.html

SOURCE Landmarks Illinois

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