2 mayors seek state lawmaker support of renovation tax break

SPRINGFIELD, Ill. (AP) - Supporters of a historic building tax break will have to justify to Illinois lawmakers the cost of renewing the credit in the middle of a budget crisis.

Peoria Mayor Jim Ardis and Rockford Mayor Larry Morrissey on Wednesday testified before the Senate Revenue Committee that a 25 percent River Edge Historic Tax Credit program is vital for attracting developers for renovation projects in their communities.

The mayors say a five-year extension of the credit that benefits Aurora, East St. Louis, Elgin, Peoria and Rockford would be a catalyst for redevelopment of historic buildings.

Rockford Democrat Sen. Steve Stadelman is the chief sponsor of the legislation. He says the tax break draws private investor interest in communities with struggling economies.

___

The bill is SB1642.

Online: http://www.ilga.gov/