SPRINGFIELD (WEEK) - State Senator Dave Koehler is trying to extend downtown revitalization tax credit through the year 2030.
Senate Bill 1823 is meant to encourage investment to historic parts of downtown Peoria.
Sponsored by Koehler, the legislation passed out of the Senate last Thursday.
In a press release Koehler stated the following:
"Peoria has already seen a great deal of economic growth and restoration as a result of the River Edge Redevelopment Zone tax credit.
By renewing this credit, we encourage even more investment in our community and offer a second chance to parts of our city that have become neglected over the years.”
Originally set to expire at the end of this year, Senate Bill 1823 could continue the River Edge Redevelopment Zone tax credit through the end of 2030 for zones that begin incurring costs by January 1, 2027.
Mayor of Peoria Rita Ali also commented on the legislation with the following statement:
"Our warehouse district here in Peoria has certainly benefited from this credit in the past, and I thank the Senator for sponsoring legislation to extend its life.
I welcome and look forward to continued investment in our beautiful city.”
Senate Bill 1823 has gone to the House for further consideration.