SR1089 100TH GENERAL ASSEMBLY

SR1089 LRB100 15588 MST 30679 r

SENATE RESOLUTION

WHEREAS, The current version of the tax reform bill now before the United States Congress eliminates the Federal Historic Tax Credit (FHTC); and

WHEREAS, In Illinois, the FHTC helped finance 269 Federal Historic Tax Credit projects between fiscal year 2002 through 2016, resulting in over $3 billion in total development and over 45,000 jobs; and

WHEREAS, If the FHTC is eliminated, projects in Illinois that would be at risk include, the Lathrop Homes, the Old Chicago Post Office, the Old Cook County Hospital, the Overton School in Chicago, the Campana Building in Batavia, the Ziock Building in Rockford, the Kaskaskia Hotel in LaSalle, the 5th Avenue and Sears Roebuck and Co. Buildings in Moline, buildings in the Peoria Warehouse District, the Hotel Belleville in Belleville, and many more; and

WHEREAS, In addition, the State of Illinois River Edge Historic Tax Credit program must be paired with the FHTC; if the FHTC is eliminated, not only will critical revitalization projects in Aurora, Elgin, Peoria, and Rockford be at risk, but legislatively the state program will have to be amended and would not likely be able to make up the difference of lost credits at the federal level; and

WHEREAS, The FHTC is not just about rehabilitating historic buildings it is a proven economic development tool and a local jobs creator; therefore, be it

RESOLVED, BY THE SENATE OF THE ONE HUNDREDTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge Congress to retain the Federal Historic Tax Credit in whatever tax reform bill they pass; and be it further

RESOLVED, That suitable copies of this resolution be delivered to President Donald Trump, U.S. Senate Majority Leader Mitch McConnell, U.S. Senate Minority Leader Chuck Schumer, U.S. Speaker of the House Paul Ryan, U.S. House of Representatives Minority Leader Nancy Pelosi, and all members of the Illinois Congressional Delegation.