Whether you spend the night at the Hotel Pere Marquette in Peoria or look up at the Wrigley Building in Chicago to check the time, it's an historic building. And those projects are among those which helped Illinois become the leader in 2014 in private projects earning federal tax credits. “This is a service that does not cost Illinois taxpayers anything,” says agency spokesman Chris Wills.
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“We're not giving away state tax money or anything like that. The IHPA simply helps Illinois private-sector business get federal tax credits that they're entitled to.”
Wills says the $726.6 million worth of projects earning the credits in 2014 in Illinois is not only far and away the most in the country, it's almost as much as the next two states combined.
Other examples Wills cites: the Peacock Brewery in Rockford and the new Virgin Hotel Chicago. The latter is opening in the Old Dearborn Bank building at 203 N. Wabash Ave.