Congressman looks to extend tax credits for Madison Theatre restoration

By WEEK Producer

January 21, 2014 Updated Jan 21, 2014 at 7:58 PM CDT

PEORIA, Ill. -- Congressman Aaron Schock is taking an interest in aiding the Madison Theatre's restoration.

Landmarks Illinois hosted a tour of the theatre for Representative Schock on Tuesday morning.

The theatre is among Illinois' top ten most endangered historical buildings.

Schock said that since restoration is more costly than building from scratch, federal tax credits will play a vital role in the theatre's future.

"What it means in true dollars is they basically get a 20-percent tax credit for every dollar they spend,” he said. “Those tax credits are initially sold off to investors who basically have income and can use the credit against their earnings. So simply put, for every dollar they spend, they get 20 cents back."

A temporary state tax credit is offered to restoration projects in the Peoria area.

If federal tax credits are extended for next year, Schock said investors could receive a total of 45 cents for every dollar they spend.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.