Preservationist: Historic Buildings May Be Razed Without Tax Credit
CHICAGO (CBS) -- Preservationists are concerned that if the U.S. House Republicans get their way, some significant old buildings in Illinois might be left to decay - or be torn down.
The House Republican proposal is to do away with the tax credit, a 20% credit, for developers to restore some buildings.
The tax credit lead to the restoration of the Chicago Athletic Association.
Bonnie McDonald, president of Landmarks Illinois, said if the tax credit is taken away, projects like the restoration of the old post office might be affected.
As well as others beyond Chicago.
"Like the Hotel Kaskaskia in LaSalle, or the Hotel Belleville in Belleville," said McDonald. "So it's Chicago as well as our suburbs and our official centers that absolutely need these incentives to capitalize private investment."
McDonald said if people care about their heritage, this is an incentive that pays for itself.