SPRINGFIELD (WEEK) – State Sen. Dave Koehler is trying to extend the downtown revitalization tax credit until 2030.
Senate Bill 1823 aims to encourage investment in historic parts of downtown Peoria.
Sponsored by Koehler, the legislation passed the Senate last Thursday.
In a press release, Koehler stated the following:
“Peoria has already had great economic growth and restoration as a result of the tax credit for the River Bank Restructuring Zone.
By renewing this credit, we encourage even more investment in our community and offer a second chance to parts of our city that have been neglected over the years. “
Originally set to expire later this year, Senate Bill 1823 it could continue the tax credit for the Riverbank Redevelopment Zone until the end of 2030 for areas that begin to incur costs by January 1, 2027.
Peoria Mayor Rita Ali also commented on the legislation with the following statement:
“Our deposit district here in Peoria has certainly benefited from this credit in the past, and I am grateful to the senator for sponsoring legislation to extend its useful life.
I am delighted and hope to continue to invest in our beautiful city. “
Senate Bill 1823 went to this Chamber for further analysis.