Full Text of SR1089 100th General Assembly
SR1089 100TH GENERAL ASSEMBLY |
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| 1 | | SENATE RESOLUTION
| 2 | | WHEREAS, The current version of the tax reform bill now | 3 | | before the United States Congress eliminates the Federal | 4 | | Historic Tax Credit (FHTC); and
| 5 | | WHEREAS, In Illinois, the FHTC helped finance 269 Federal | 6 | | Historic Tax Credit projects between fiscal year 2002
through | 7 | | 2016, resulting in over $3 billion in total development and | 8 | | over 45,000 jobs; and
| 9 | | WHEREAS, If the FHTC is eliminated, projects in Illinois | 10 | | that would be at risk include, the Lathrop Homes, the Old
| 11 | | Chicago Post Office, the Old Cook County Hospital, the Overton | 12 | | School in Chicago, the Campana Building in
Batavia, the Ziock | 13 | | Building in Rockford, the Kaskaskia Hotel in LaSalle, the 5th | 14 | | Avenue and Sears Roebuck and Co.
Buildings in Moline, buildings | 15 | | in the Peoria Warehouse District, the Hotel Belleville in | 16 | | Belleville, and many more; and
| 17 | | WHEREAS, In addition, the State of Illinois River Edge | 18 | | Historic Tax Credit program must be paired with the
FHTC; if | 19 | | the FHTC is eliminated, not only will critical revitalization | 20 | | projects in Aurora, Elgin, Peoria, and
Rockford be at risk, but | 21 | | legislatively the state program will have to be amended and | 22 | | would not likely be
able to make up the difference of lost |
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| 1 | | credits at the federal level; and
| 2 | | WHEREAS, The FHTC is not just about rehabilitating historic | 3 | | buildings it is a proven economic development tool and a local | 4 | | jobs creator; therefore, be it
| 5 | | RESOLVED, BY THE SENATE OF THE ONE HUNDREDTH GENERAL | 6 | | ASSEMBLY OF THE STATE OF ILLINOIS, that we urge Congress to | 7 | | retain the Federal Historic Tax Credit in whatever tax reform | 8 | | bill they pass; and be it further
| 9 | | RESOLVED, That suitable copies of this resolution be | 10 | | delivered to President Donald Trump, U.S. Senate Majority | 11 | | Leader Mitch McConnell, U.S. Senate Minority Leader Chuck | 12 | | Schumer, U.S. Speaker of the House Paul Ryan, U.S. House of | 13 | | Representatives Minority Leader Nancy Pelosi, and all members | 14 | | of the Illinois Congressional Delegation.
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