In Illinois, what's old is what's new.

The Illinois Historic Preservation Agency reports last year it helped private developers and property owners with rehabilitation projects that are pumping $1.3 billion into the state economy. IHPA says Illinois has the nation’s best record in helping projects qualify for federal tax credits. Spokesman Chris Wills says the impact on the economy is based on a simple principle.

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The federal government offers a 20 percent income tax credit on certain expenditures for rehabilitation of historic properties. Expenses that qualify for tax credits include architectural and structural renovation, life-safety improvements and energy-saving upgrades such as window repairs. Wills notes the program doesn't hurt the state's tax base.

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Illinois rehab projects that wrapped up in fiscal 2014 included $726.6 million in private expenditures that qualified for federal tax credits – The closest state was Pennsylvania with $430.6 million dollars spent.

Projects that went forward with help from the agency’s Preservation Services Division included overhauling Chicago’s Wrigley Building, renovating Peoria’s Hotel Pere Marquette, revitalizing Rockford’s Peacock Brewery and opening the new Virgin Hotel Chicago.