GOP unveils tax plan, local leaders worried about lack of histor - WREX.com – Rockford’s News Leader

GOP unveils tax plan, local leaders worried about lack of historic tax credits

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ROCKFORD (WREX) -

"It'll be the biggest cuts ever in the history of this country," President Donald Trump says.  

Trump says he wants to put more dollars in your pocket under the federal tax reform plan. But, Rockford area leaders say it's missing one thing for the city -- federal historic tax credits. 

"The potential loss here would be pretty amazing -- amazingly bad," Gary Anderson, with Gary Anderson Architects says. 

The tax credits go to developers working to help restore old historic buildings. Gary Anderson -- someone who helps properties apply for those credits --- says those give investors more incentive to come in and transform those properties from an eyesore into something more. 

"The whole intent of tax credits is to bridge the gap between what market conditions exist and what you can do with existing properties to make that happen," Nathan Bryant, the President and CEO of the Rockford Area Economic Development Council says.  

One project that would likely not feel the impact is the Amerock hotel. That's because the property owners say it was awarded those credits before Republicans crafted their plan.

But, there's a chance projects like Barber Coleman and the old watch factory could be in jeopardy  plus another six projects that are also in the works.  

"I think when you take a look at what's at stake here -- there's probably another $140 million worth of projects that are in the wings," Anderson says.  

Waiting in the wings -- as city leaders wait and see what happens in Washington D.C. 

That plan has a long way to go in Congress. It still needs approval from the U.S. Senate before it has a chance of making its way to the president's desk. 

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