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Chicago & Midwest  + North Side  |  June 5, 2018
Paul Bubny
By: Paul Bubny

Lawmakers Expand Historic Preservation Tax Credit Across IL

The Illinois General Assembly has passed a bill to improve and expand the existing River Edge Redevelopment Zone (RERZ) Historic Tax Credit, establishing a statewide Historic Preservation Tax Credit across the state. The measure has gone to Gov. Bruce Rauner for his signature.

The RERZ program was established in 2012 as a five-year pilot, allowing a 25% state income tax credit for qualifying projects that created jobs and revitalized vacant and blighted historic properties along riverfronts in Aurora, East St. Louis, Elgin, Peoria and Rockford. The bill passed by the Assembly last week clarified how the RERZ credit is applied to phased projects, establishes a carry-forward provision and better defines recapture events.

“We are looking to get more buildings back on the tax rolls in our communities,” said state Rep. Jehan Gordon-Booth, primary sponsor of the bill.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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