INC TX-HISTORIC PRESERVATION
By extending the availability of tax credits and increasing the allocation, SB0119 is expected to stimulate ongoing investment in historic preservation projects across Illinois. This change supports local economies by fostering job creation and encouraging tourism through restored historical sites. The bill amends existing laws to facilitate this impact, highlighting the state's commitment to preserving its cultural heritage and encouraging sustainable economic practices linked to heritage tourism.
SB0119, introduced by Senator Steve Stadelman, aims to amend the Historic Preservation Tax Credit Act by extending the sunset of this tax credit until December 31, 2028, from its current end date of December 31, 2023. The bill allows for the State Historic Preservation Office to allocate up to $75 million annually in tax credits for each calendar year within the new sunset period, a significant increase from the current cap of $15 million. These credits are designed to encourage the rehabilitation of historic properties, recognizing the economic and cultural benefits derived from preserving historic sites.
While proponents of SB0119 argue that the bill is essential for revitalizing communities through historic preservation, concerns have been raised regarding the long-term fiscal implications of increasing tax credits. Opponents may question the allocation of state funds and whether the public benefits of preservation outweigh the costs of lost tax revenue. Debates surrounding the justified expansiveness of the program often reflect deeper values related to government investment in cultural heritage versus immediate economic returns.