castro house 042621SPRINGFIELD – To help promote the preservation of historic properties throughout the state, State Senator Cristina Castro (D- Elgin) passed a measure to encourage people who own historic structures to preserve and rehabilitate their properties.

“Revitalizing historic buildings can do so much for local businesses, from creating jobs to making an area more aesthetically pleasing,” Castro said. “This legislation will help encourage communities to put work into their old buildings to help preserve their history.” 

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 the Senate and heads to the House for further consideration.