- Published: Thursday, November 07, 2013 04:20 PM
SPRINGFIELD – State Senator Tony Munoz (D-Chicago) passed legislation today that will help local communities recover from facility closures throughout the state.
“After suffering numerous state facility closures last year, I felt this measure was necessary to help communities get back on their feet,” said Munoz.
Many communities have been directly affected by various state facility closures for more than a decade. The State Surplus Property Revitalization Tax Credit Act, Senate Bill 341, aims to provide economic development opportunities for businesses interested in leasing or buying state-owned property that has been shuttered within the past two years.
This legislation aims to help communities with state facilities that have recently been closed, such as those in Jacksonville, Tinley Park and Joliet.
State Surplus Property Revitalization Tax Credits will be awarded and managed by the Department of Commerce and Economic Opportunity and will only be available for state facilities shuttered within the last two years that employed at least 100 people. The credit will be equal to 30 percent of the expenditures for redevelopment but cannot exceed $10 million on any single project. Only a total of $40 million of credits can be issued. The credit can be transferred and can be used against income taxes or insurance taxes.
“Joliet Correctional Center was a beautiful facility before it was closed 11 years ago,” said Joliet Mayor Tom Giganti. “I had the opportunity to tour it 4 years ago and was surprised to see the dramatic level of deterioration. We are concerned that IYC-Joliet will meet the same fate at JCC.”