The Impact of Tax Credit Investment in Illinois: A Study of Economic Impacts of the Illinois Historic Preservation Tax Credit and River Edge Historic Tax Credit Programs
The River Edge Historic Tax Credit and the Illinois Historic Preservation Tax Credit have attracted private investment that has created ripple effects through the economy. These two state-level historic, tax-credit programs have had positive economic, cultural, and environmental impacts in Illinois. Across the state, historic tax-credit projects have created jobs and stimulated local economies. Private investment in historic buildings through historic tax credit is bringing vacant and underutilized buildings back online, increasing local property-tax revenues, and helping revitalize cities and towns of all sizes. These projects created and sustain important sources of income for Illinoisans through construction jobs; because historic-rehabilitation projects are more labor intensive than new-construction projects, a larger share of the project’s costs go directly to labor income rather than to materials. Not only have these projects revived local landmarks that contribute to community pride and social cohesion, but they have also kept tons of construction and demolition debris out of landfills.
