Economic incentives to own building rehabilitation fall into five major categories: income tax incentives, regional bonuses, low-notice loans, and you can gives
Usually, income tax bonuses, regional incentives, and you may fund are made having individual home owners, given that vast majority out-of offers is actually to possess non-finances and you will the federal government.
25% county treatment tax borrowing having rehabilitating historic, income-generating characteristics within the River Border Redevelopment Zones (merely Aurora, East St. Louis, Elgin, Peoria, and you may Rockford). Click on this link for additional info on the latest River Edge Historical Tax Credit.
25% county rehab taxation borrowing from the bank to own rehabilitating historic, income-generating qualities. Eligible costs have to be obtain anywhere between . View here to have information on the brand new Illinois Historic Maintenance Income tax Borrowing.
Put out into the , the newest declaration The fresh new Perception out of Historical Taxation Borrowing from the bank Money for the Illinois found that both county taxation-credit software (Illinois Historic Conservation Taxation Borrowing from the bank and Lake Line Historical Income tax Credit) is actually strong financial-advancement and you will jobs-progress equipment getting Illinois in the both regional and you may condition accounts. Twenty urban centers all over 14 areas benefitted out of a great Statewide or Lake Boundary Historic Tax venture. Besides getting underutilized historic houses back to the tax goes and providing refresh historical downtowns and you can communities, such county tax credits control generous opportunities out-of individual capital. (suite…)