A tax credit benefiting East St. Louis was extended with legislation signed this week by Gov. Bruce Rauner.
The river edge tax credit promotes economic development in five communities, including East St. Louis. Under the program, developers receive tax credits for renovating historic structures.
Senate Majority Leader James F. Clayborne, Jr., D-Belleville, (shown) co-sponsored the bipartisan legislation and represents East St. Louis.
“Communities like East St. Louis are huge winners under this tax credit,” Clayborne said. “I want to thank everyone who worked to make this legislation a success and continue our efforts to bring jobs to the Metro East.”
The legislation, Senate Bill 1783, passed both chambers with an overwhelming bipartisan majority and extends the tax credit to the end of 2021. It was signed on Friday.
Senator Steve Stadelman, D-Rockford, sponsored the legislation as a way to boost economic development in Rockford and surrounding areas.
“The River Edge tax credit has been an important tool in the revitalization of downtown Rockford,” Stadelman said. “It turns vacant, rundown buildings into marketable properties, creates jobs and grows the economy. Developers will be happy to know this incentive will be available through 2021.”
The credit is equal to 25 percent of the rehabilitation costs for a business in a historic building.
Previously, the tax credit was used to incentivize projects like the $12 million renovation at the Prairie Street Brewhouse in Rockford, which also created 110 construction jobs.
In addition to Rockford and East St. Louis, the credit is also available in Aurora, Peoria and Elgin.
Senate Bill 1783 is effective immediately.