SPRINGFIELD – To help promote the preservation of historic properties throughout the state, State Senator Cristina Castro (D- Elgin) has introduced a measure to encourage people who own historic structures to preserve and rehabilitate their properties.

“Historic buildings can teach us about our past while being utilized for our future,” Castro said. “Through rehabilitating and revitalizing these buildings, property owners can bring jobs, housing and businesses to their community while keeping its historical roots.” 

The Historic Preservation Tax Credit Program is administered through the Illinois Department of Natural Resources Historic Preservation Division. Rehabilitating and preserving historic structures can increase the value of a property, revitalize downtowns and neighborhoods and provide a sustainable alternative to building new properties.

Under Senate Bill 1711, those who own and rehabilitate historic properties will qualify for a 25% tax credit toward the expense of the rehabilitation. Additionally, it would bring Illinois’ Historic Preservation Tax Credit Program in line with the requirements of its federal counterpart and the other historic tax credit program in the state.

SB 1711 passed out of the Senate Revenue Committee on Wednesday and now heads to the full Senate.