FORT WAYNE, Ind. (WOWO): A tax overhaul currently making its way through Congress will be preserving some incentives that Fort Wayne officials call “vital” to economic development.

The bill that was hammered out by both the House and Senate will keep both the Historic Tax Credit and New Markets Tax Credit.

The Journal Gazette reports those credits are being pursued for a number of important downtown projects, including turning West Columbia Street into a mixed-use district called “The Landing”, and the conversion of the former GE campus into a residential, commercial and entertainment space called “Electric Works.”

For Electric Works alone, some $60-million in tax credits are at stake, so their retention in the $1.5 trillion tax legislation is a relief to those involved in the projects.