Legislation passed by state Rep. Jehan Gordon-Booth, D-Peoria, to encourage economic development in Peoria and throughout Central Illinois was signed into law.
“Everyone wants to see Peoria and all of Central Illinois grow and prosper,” Gordon-Booth said. “This can only happen if we bring businesses to our community and create jobs. This legislation came together because of important input from business and community leaders. I am hopeful that these tax credits help create even more jobs than it has in the past.”
One of Gordon-Booth’s signature pieces of legislation allowed Peoria to be part of one of the communities able to participate in the Rivers Edge Redevelopment (RERZ) Program in 2011. Since that time, many projects in the city have tried to use the tax credit to redevelop property, including the Pere Marquette Hotel and the Kickapoo Building. As OSF Saint Francis Medical Center continues its plans to add to redevelopment in the former Caterpillar Headquarters, Gordon-Booth works with community leaders to find ways to improve how the program and help business and organizations grow and create jobs.
Gordon-Booth’s Senate Bill 3527 would help streamline some of the processes to make it easier for companies to use the economic development tools and encourage more investors to come to Peoria. These changes include extending the time frame companies can apply to use the tax credit; allowing companies to submit the audit completed to the federal government to qualify for state tax credits; and permitting companies to carry over the tax credits they earn for a maximum of five years.
Additionally, Gordon-Booth’s legislation creates the first ever historic preservation tax credit. This credit could be used in areas outside of the RERZ. This will allow businesses in Bartonville, West Peoria, Peoria Heights and communities across the state help pay for much-needed in historic areas in their community.
“In Peoria, we’ve seen how the historic development tax credit can jumpstart economic development,” Gordon-Booth said. “This legislation will help ensure that communities like ours can benefit in the same way. Helping businesses and creating jobs is not a partisan issue, I am proud of the bipartisan work done by both sides of the aisle to help these tax incentives become law.”