Any building materials used in new construction or rehabilitation of non-residential projects located within Rockford's River Edge Redevelopment Zone and permanently attached to the real estate may be sales tax exempt (8.25%) if a retailer is provided with a Certificate of Eligibility issued by the Illinois Department of Revenue. To document the exemption allowed under this Section, the retailer must obtain from the purchaser a copy of the Certificate of Eligibility for Sales Tax Exemption issued by Illinois Department Of Revenue. Purchasers, whether contractor or owner, must apply for the Certificate of Eligibility from the City of Rockford RERZ Administrator.
Individuals, corporations, partnerships, trusts or estates receiving dividends declared by corporations which are located exclusively in Illinois River Edge Zone and which conduct essentially all of their business in the River Edge Redevelopment Zone, may deduct such dividends on state income tax.
Interest Income Deduction
Allows financial corporations to deduct an amount equal to the interest received for a loan for development in an RERZ from their corporate State Income tax. The loan must be secured by property located within an RERZ.
State Historic Tax Credit
The River Edge Historic Preservation Credit is equal to 25% of a project's qualified rehabilitation expenditures for certified historic structures within the River Edge Redevelopment Zone. The Historic Tax Credit Program runs through December 31, 2026.
Property Tax Abatement
The City of Rockford offers tax abatement on taxes on real property levied by the City for projects occurring on parcels or properties located within the boundaries of the River Edge Redevelopment Zone. Contact Anna Garrison (firstname.lastname@example.org or 779-348-7449) for additional information on property tax abatement. Property Tax Abatements will not be available for projects located within a TIF District.