Preserving historical resources not only benefits the communities we live in, but also can be economically beneficial. There are a number of federal and state regulatory and incentive programs relating to historic preservation issues, including the 20% federal income tax credit for rehabilitating historic, income-producting properties, under the Internal Revenue Code, the 25% Illinois state income tax credit for qualified expenditures on certified historic structures located within River Edge Redevelopment Zones in Aurora, East St. Louis, Elgin, Peoria, and Rockford, and the property tax freeze for historic, owner-occupied, principal residences in Illinois under the Historic Residence Assessment Freeze Law (35 ILCS 200/10-40 et seq.). State and federal undertakings are subject to regulatory oversight to the extent that they affect cultural resources such as archaeology or historic architecture. These regulatory effects and incentives can have significant financial consequences for a project.
If you have a legal issue arising out of historic preservation, Garth Madison has significant experience navigating the federal and state rules and regulations involved, and understands the perspectives of the state and federal lawmakers and regulators. Introducing the right perspective and strategy early in the course of a plan or project can make all the difference.
Contact Garth Madison to discuss your historic preservation issue.