Historic Tax Credits will benefit OSF Healthcare’s renovation of the former Chase Bank Building. The tax credits are part of a new revitalization program signed into law by Governor Bruce Rauner in a downtown Peoria ceremony Thursday.
The tax credits were originally introduced in 2012, but they only benefited five Illinois cities. The new bill now expands the tax credits to similar blighted projects throughout the state.
Representative Jehan Gordon-Booth was a sponsor of the bill. She says that the tax credits encourage development.
"Historic tax credits have been the reason why over 42,000 buildings have been redeveloped and refurbished," Gordon-Booth said. "The historic tax credit is the reason why $130 billion have been invested back in towns."
Caterpillar acquired the former Chase building as part of its now-abandoned world headquarters project and donated it to OSF Healthcare in January.
