Transform Rockford comes to Belvidere

Proposed tax credit changes could propel projects in downtown Rockford - News - Rockford Register Star - Rockford, IL

 

Developers apply for state or federal tax credits, which are dollar-for-dollar reductions in the amount of income taxes owed. Developers can use them to offset their own income, or sell them at a discount to investors.

Here’s an example of how River Edge credits work now and how projects could be affected by the proposed changes.

Gorman & Co., a Wisconsin developer, wants to do an estimated $50 million rehabilitation of the Amerock/Ziock building downtown. The 25 percent River Edge tax credit would provide Gorman with $12.5 million in tax credits to use or sell to an investor to help finance the project. Gorman also is eligible for a 20 percent federal historic tax credit, worth $10 million.

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