Rep. Jehan Gordon-Booth
Filed: 11/26/2018
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1 | AMENDMENT TO SENATE BILL 3242
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2 | AMENDMENT NO. ______. Amend Senate Bill 3242 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
5 | changing Section 228 as follows: | ||||||
6 | (35 ILCS 5/228) | ||||||
7 | Sec. 228 227 . Historic preservation credit. For
tax years | ||||||
8 | beginning on or after January 1, 2019 and ending on
or before | ||||||
9 | December 31, 2023, a taxpayer who qualifies for a
credit under | ||||||
10 | the Historic Preservation Tax Credit Act is entitled to a | ||||||
11 | credit against the taxes
imposed under subsections (a) and (b) | ||||||
12 | of Section 201 of this
Act as provided in that Act. If the | ||||||
13 | taxpayer is a partnership ,
or Subchapter S corporation, or a | ||||||
14 | limited liability company, the credit shall be allowed to the
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15 | partners or shareholders in accordance with the determination
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16 | of income and distributive share of income under Sections 702
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1 | and 704 and Subchapter S of the Internal Revenue Code , provided | ||||||
2 | that credits granted to a partnership, a limited liability | ||||||
3 | company taxed as a partnership, or other multiple owners of | ||||||
4 | property shall be passed through to the partners, members, or | ||||||
5 | owners respectively on a pro rata basis or pursuant to an | ||||||
6 | executed agreement among the partners, members, or owners | ||||||
7 | documenting any alternate distribution method .
If the amount of | ||||||
8 | any tax credit awarded under this Section
exceeds the qualified | ||||||
9 | taxpayer's income tax liability for the
year in which the | ||||||
10 | qualified rehabilitation plan was placed in
service, the excess | ||||||
11 | amount may be carried forward as
provided in the Historic | ||||||
12 | Preservation Tax Credit Act.
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13 | (Source: P.A. 100-629, eff. 1-1-19; revised 10-9-18.) | ||||||
14 | Section 10. The Historic Preservation Tax Credit Act is | ||||||
15 | amended by changing Sections 5, 10, 20, and 25 as follows: | ||||||
16 | (35 ILCS 31/5) | ||||||
17 | (This Section may contain text from a Public Act with a | ||||||
18 | delayed effective date )
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19 | Sec. 5. Definitions. As used in this Act, unless the | ||||||
20 | context clearly indicates otherwise: | ||||||
21 | "Director" means the Director of Natural Resources or his | ||||||
22 | or her designee. | ||||||
23 | "Division" means the State Historic Preservation Office | ||||||
24 | within the Department of Natural Resources. |
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1 | "Phased rehabilitation" means a project that is completed | ||||||
2 | in phases, as defined under Section 47 of the federal Internal | ||||||
3 | Revenue Code and pursuant to National Park Service regulations | ||||||
4 | at 36 C.F.R. 67. | ||||||
5 | "Placed in service" means the date when the property is | ||||||
6 | placed in a condition or state of readiness and availability | ||||||
7 | for a specifically assigned function as defined under Section | ||||||
8 | 47 of the federal Internal Revenue Code and federal Treasury | ||||||
9 | Regulation Sections 1.46 and 1.48. | ||||||
10 | "Qualified expenditures" means all the costs and expenses | ||||||
11 | defined as qualified rehabilitation expenditures under Section | ||||||
12 | 47 of the federal Internal Revenue Code that were incurred in | ||||||
13 | connection with a qualified rehabilitation plan historic | ||||||
14 | structure . | ||||||
15 | "Qualified historic structure" means any structure that is | ||||||
16 | located in Illinois and is defined as a certified historic | ||||||
17 | structure under Section 47(c)(3) of the federal Internal | ||||||
18 | Revenue Code. | ||||||
19 | "Qualified rehabilitation plan" means a project that is | ||||||
20 | approved by the Department of Natural Resources and the | ||||||
21 | National Park Service as being consistent with the United | ||||||
22 | States Secretary of the Interior's Standards for | ||||||
23 | Rehabilitation. | ||||||
24 | "Qualified taxpayer" means the owner of the qualified | ||||||
25 | historic structure or any other person or entity who may | ||||||
26 | qualify for the federal rehabilitation credit allowed by |
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1 | Section 47 of the federal Internal Revenue Code. | ||||||
2 | "Recapture event" means any of the following events | ||||||
3 | occurring during the recapture period: | ||||||
4 | (1) failure to place in service the rehabilitated | ||||||
5 | portions of the qualified historic structure, or failure to | ||||||
6 | maintain the rehabilitated portions of the qualified | ||||||
7 | historic structure in service after they are placed in | ||||||
8 | service; provided that a recapture event under this | ||||||
9 | paragraph (1) shall not include a removal from service for | ||||||
10 | a reasonable period of time to conduct maintenance and | ||||||
11 | repairs that are reasonably necessary to protect the health | ||||||
12 | and safety of the public or to protect the structural | ||||||
13 | integrity of the qualified historic structure or a | ||||||
14 | neighboring structure; | ||||||
15 | (2) demolition or other alteration of the qualified | ||||||
16 | historic structure in a manner that is inconsistent with | ||||||
17 | the qualified rehabilitation plan or the Secretary of the | ||||||
18 | Interior's Standards for Rehabilitation; | ||||||
19 | (3) disposition of the rehabilitated qualified | ||||||
20 | historic structure in whole or a proportional disposition | ||||||
21 | of a partnership interest therein, except as otherwise | ||||||
22 | permitted by this Section; or | ||||||
23 | (4) use of the qualified historic structure in a manner | ||||||
24 | that is inconsistent with the qualified rehabilitation | ||||||
25 | plan or that is otherwise inconsistent with the provisions | ||||||
26 | and intent of this Section. |
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1 | A recapture event occurring in one taxable year shall be | ||||||
2 | deemed continuing to subsequent taxable years unless and until | ||||||
3 | corrected. | ||||||
4 | The following dispositions of a qualified historic | ||||||
5 | structure shall not be deemed to be a recapture event for | ||||||
6 | purposes of this Section: | ||||||
7 | (1) a transfer by reason of death; | ||||||
8 | (2) a transfer between spouses incident to divorce; | ||||||
9 | (3) a sale by and leaseback to an entity that, when the | ||||||
10 | rehabilitated portions of the qualified historic structure | ||||||
11 | are placed in service, will be a lessee of the qualified | ||||||
12 | historic structure, but only for so long as the entity | ||||||
13 | continues to be a lessee; and | ||||||
14 | (4) a mere change in the form of conducting the trade | ||||||
15 | or business by the owner (or, if applicable, the lessee) of | ||||||
16 | the qualified historic structure, so long as the property | ||||||
17 | interest in such qualified historic structure is retained | ||||||
18 | in such trade or business and the owner or lessee retains a | ||||||
19 | substantial interest in such trade or business. | ||||||
20 | "Recapture period" means the 5-year period beginning on the | ||||||
21 | date that the qualified historic structure or rehabilitated | ||||||
22 | portions of the qualified historic structure are placed in | ||||||
23 | service. | ||||||
24 | "Substantial rehabilitation" means that the qualified | ||||||
25 | rehabilitation expenditures during the 24-month period | ||||||
26 | selected by the taxpayer at the time and in the manner |
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1 | prescribed by rule and ending with or within the taxable year | ||||||
2 | exceed the greater of (i) the adjusted basis of the building | ||||||
3 | and its structural components or (ii) $5,000. The adjusted | ||||||
4 | basis of the building and its structural components shall be | ||||||
5 | determined as of the beginning of the first day of such | ||||||
6 | 24-month period or as of the beginning of the first day of the | ||||||
7 | holding period of the building, whichever is later. For | ||||||
8 | purposes of determining the adjusted basis, the determination | ||||||
9 | of the beginning of the holding period shall be made without | ||||||
10 | regard to any reconstruction by the taxpayer in connection with | ||||||
11 | the rehabilitation. In the case of any phased rehabilitation, | ||||||
12 | with phases set forth in architectural plans and specifications | ||||||
13 | completed before the rehabilitation begins, this definition | ||||||
14 | shall be applied by substituting "60-month period" for | ||||||
15 | "24-month period" wherever that term occurs in the definition.
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16 | (Source: P.A. 100-629, eff. 1-1-19.) | ||||||
17 | (35 ILCS 31/10)
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18 | Sec. 10. Allowable credit. | ||||||
19 | (a) To the extent authorized by this Act, for taxable years | ||||||
20 | beginning on or after January 1, 2019 and ending on or before | ||||||
21 | December 31, 2023, there shall be allowed a tax credit to the | ||||||
22 | qualified taxpayer against the tax imposed by subsections (a) | ||||||
23 | and (b) of Section 201 of the Illinois Income Tax Act in an | ||||||
24 | aggregate amount equal to the lesser of (i) 25% of qualified | ||||||
25 | expenditures incurred in by a qualified taxpayer undertaking a |
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1 | qualified rehabilitation plan or (ii) $3,000,000 of a qualified | ||||||
2 | historic structure , provided that the total amount of such | ||||||
3 | expenditures must (i) equal $5,000 or more and or (ii) exceed | ||||||
4 | the adjusted basis of the qualified historic structure on the | ||||||
5 | first day the qualified rehabilitation plan commenced. If the | ||||||
6 | qualified rehabilitation plan spans multiple years, the | ||||||
7 | aggregate credit for the entire project shall be allowed in the | ||||||
8 | last taxable year. | ||||||
9 | (b) To obtain a tax credit certificate pursuant to this | ||||||
10 | Section, the qualified taxpayer must apply with the Division. | ||||||
11 | The Division shall determine the amount of eligible | ||||||
12 | rehabilitation expenditures within 45 days after receipt of a | ||||||
13 | complete application. The taxpayer must provide to the Division | ||||||
14 | a third-party cost certification conducted by a certified | ||||||
15 | public accountant verifying (i) the qualified and | ||||||
16 | non-qualified rehabilitation expenses and (ii) that the | ||||||
17 | qualified expenditures exceed the adjusted basis of the | ||||||
18 | qualified historic structure on the first day the qualified | ||||||
19 | rehabilitation plan commenced. The accountant shall provide | ||||||
20 | appropriate review and testing of invoices. The Division is | ||||||
21 | authorized, but not required, to accept this third-party cost | ||||||
22 | certification to determine the amount of qualified | ||||||
23 | expenditures. The Division and the National Park Service shall | ||||||
24 | determine whether the rehabilitation is consistent with the | ||||||
25 | Standards of the Secretary of the United States Department of | ||||||
26 | the Interior. |
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1 | (c) If the amount of any tax credit awarded under this Act | ||||||
2 | exceeds the qualified taxpayer's income tax liability for the | ||||||
3 | year in which the qualified rehabilitation plan was placed in | ||||||
4 | service, the excess amount may be carried forward for deduction | ||||||
5 | from the taxpayer's income tax liability in the next succeeding | ||||||
6 | year or years until the total amount of the credit has been | ||||||
7 | used, except that a credit may not be carried forward for | ||||||
8 | deduction after the tenth taxable year after the taxable year | ||||||
9 | in which the qualified rehabilitation plan was placed in | ||||||
10 | service. Upon completion and review of the project and approval | ||||||
11 | of the complete application , the Division shall issue a single | ||||||
12 | certificate in the amount of the
eligible credits equal to 25% | ||||||
13 | of the qualified expenditures incurred during the eligible | ||||||
14 | taxable years , not to exceed the lesser of the allocated amount | ||||||
15 | or $3,000,000 per single qualified rehabilitation plan. Prior | ||||||
16 | to the issuance of the tax credit certificate, the qualified | ||||||
17 | taxpayer must provide to the Division verification that the | ||||||
18 | rehabilitated structure is a qualified historic structure . At | ||||||
19 | the time the certificate is issued, an issuance fee up to the | ||||||
20 | maximum amount of 2% of the amount of the credits issued by the | ||||||
21 | certificate may be collected from the qualified taxpayer | ||||||
22 | applicant to administer the Act. If collected, this issuance | ||||||
23 | fee shall be directed to the Division Historic Property | ||||||
24 | Administrative Fund or other such fund as appropriate for use | ||||||
25 | of the Division in the administration of the Historic | ||||||
26 | Preservation Tax Credit Program. The taxpayer must attach the |
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1 | certificate or legal documentation of her or his proportional | ||||||
2 | share of the certificate to the tax
return on which the credits | ||||||
3 | are to be claimed. The tax credit under this Section may not | ||||||
4 | reduce the taxpayer's liability to less than zero. If the | ||||||
5 | amount of the credit exceeds the tax liability for the year, | ||||||
6 | the excess credit may be carried forward and applied to the tax | ||||||
7 | liability of the 10 taxable years following the first excess | ||||||
8 | credit year.
The taxpayer may not receive credits under this | ||||||
9 | Section and Section 221 of the Illinois Income Tax Act for the | ||||||
10 | same qualified expenditures or qualified rehabilitation plan. | ||||||
11 | (d) If the taxpayer is (i) a corporation having an election | ||||||
12 | in effect under Subchapter S of the federal Internal Revenue | ||||||
13 | Code, (ii) a partnership, or (iii) a limited liability company, | ||||||
14 | the credit provided under this Act may be claimed by the | ||||||
15 | shareholders of the corporation, the partners of the | ||||||
16 | partnership, or the members of the limited liability company in | ||||||
17 | the same manner as those shareholders, partners, or members | ||||||
18 | account for their proportionate shares of the income or losses | ||||||
19 | of the corporation, partnership, or limited liability company, | ||||||
20 | or as provided in the bylaws or other executed agreement of the | ||||||
21 | corporation, partnership, or limited liability company. | ||||||
22 | Credits granted to a partnership, a limited liability company | ||||||
23 | taxed as a partnership, or other multiple owners of property | ||||||
24 | shall be passed through to the partners, members, or owners | ||||||
25 | respectively on a pro rata basis or pursuant to an executed | ||||||
26 | agreement among the partners, members, or owners documenting |
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1 | any alternate distribution method. | ||||||
2 | (e) If a recapture event occurs during the recapture period | ||||||
3 | with respect to a qualified historic structure, then for any | ||||||
4 | taxable year in which the credits are allowed as specified in | ||||||
5 | this Act, the tax under the applicable Section of this Act | ||||||
6 | shall be increased by applying the recapture percentage set | ||||||
7 | forth below to the tax decrease resulting from the allocation | ||||||
8 | application of credits allowed under this Act to the taxable | ||||||
9 | year in question. | ||||||
10 | For the purposes of this subsection, the recapture | ||||||
11 | percentage shall be determined as follows: | ||||||
12 | (1) if the recapture event occurs within the first year | ||||||
13 | after commencement of the recapture period, then the | ||||||
14 | recapture percentage is 100%; | ||||||
15 | (2) if the recapture event occurs within the second | ||||||
16 | year after commencement of the recapture period, then the | ||||||
17 | recapture percentage is 80%; | ||||||
18 | (3) if the recapture event occurs within the third year | ||||||
19 | after commencement of the recapture period, then the | ||||||
20 | recapture percentage is 60%; | ||||||
21 | (4) if the recapture event occurs within the fourth | ||||||
22 | year after commencement of the recapture period, then the | ||||||
23 | recapture percentage is 40%; and | ||||||
24 | (5) if the recapture event occurs within the fifth year | ||||||
25 | after commencement of the recapture period, then the | ||||||
26 | recapture percentage is 20%.
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1 | In the case of any recapture event, the carryforwards under | ||||||
2 | this Act shall be adjusted by reason of such event. | ||||||
3 | (f) (d) The Division may adopt rules to implement this | ||||||
4 | Section in addition to the rules expressly authorized herein.
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5 | (Source: P.A. 100-629, eff. 1-1-19; revised 10-1-18.) | ||||||
6 | (35 ILCS 31/20) | ||||||
7 | (This Section may contain text from a Public Act with a | ||||||
8 | delayed effective date )
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9 | Sec. 20. Limitations, reporting, and monitoring. | ||||||
10 | (a) In every calendar year that this program is in effect, | ||||||
11 | the Division is authorized to allocate $15,000,000 worth of tax | ||||||
12 | credits in addition to any unallocated, returned, or rescinded | ||||||
13 | allocations from previous years, pursuant to qualified | ||||||
14 | rehabilitation plans. The Division shall award not more than an | ||||||
15 | aggregate of $15,000,000 in total annual tax credits pursuant | ||||||
16 | to qualified rehabilitation plans for qualified historic | ||||||
17 | structures. The Division shall allocate and award not more than | ||||||
18 | $3,000,000 in tax credits with regard to a single qualified | ||||||
19 | rehabilitation plan. In allocating awarding tax credits under | ||||||
20 | this Act, the Division must prioritize applications projects | ||||||
21 | that meet one or more of the following: | ||||||
22 | (1) the qualified historic structure is located in a | ||||||
23 | county that borders a State with a historic | ||||||
24 | income-producing property rehabilitation credit; | ||||||
25 | (2) the qualified historic structure was previously |
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1 | owned by a federal, state, or local governmental entity for | ||||||
2 | no less than 6 months ; | ||||||
3 | (3) the qualified historic structure is located in a | ||||||
4 | census tract that has a median family income at or below | ||||||
5 | the State median family income; data from the most recent | ||||||
6 | 5-year estimate from the American Community Survey (ACS), | ||||||
7 | published by the U.S. Census Bureau, shall be used to | ||||||
8 | determine eligibility; | ||||||
9 | (4) the qualified rehabilitation plan includes in the | ||||||
10 | development partnership a Community Development Entity or | ||||||
11 | a low-profit (B Corporation) or not-for-profit | ||||||
12 | organization, as defined by Section 501(c)(3) of the | ||||||
13 | Internal Revenue Code; or | ||||||
14 | (5) the qualified historic structure is located in an | ||||||
15 | area declared under an Emergency Declaration or Major | ||||||
16 | Disaster Declaration under the federal Robert T. Stafford | ||||||
17 | Disaster Relief and Emergency Assistance Act. The | ||||||
18 | declaration must be no older than 3 years old at the time | ||||||
19 | of application. | ||||||
20 | (b) The annual aggregate authorization program allocation | ||||||
21 | of $15,000,000 set forth in subsection (a) shall be allocated | ||||||
22 | by the Division, in such proportion as determined by the | ||||||
23 | Director Department, on a per calendar basis twice in each | ||||||
24 | calendar year that the program is in effect, provided that : (i) | ||||||
25 | the amount initially allocated by the Division for the first | ||||||
26 | any one calendar year application period shall not exceed 65% |
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1 | of the total allowable amount available for allocation. Any | ||||||
2 | unallocated and (ii) any portion of the allocated allowable | ||||||
3 | amount remaining unused as of the end of any of the second | ||||||
4 | calendar application period of a given calendar year shall be | ||||||
5 | rolled over into and added to the total authorized allocated | ||||||
6 | amount for the next available calendar year. The qualified | ||||||
7 | rehabilitation plan must meet a readiness test, as defined in | ||||||
8 | the rules created by the Division, in order for the application | ||||||
9 | Applicant to qualify. In any given application period, | ||||||
10 | applications Applicants that qualify under this Act and are | ||||||
11 | prioritized as set forth in subsection (a) will be placed in a | ||||||
12 | queue based on the date and time the application is received | ||||||
13 | until such time as the application period total allowable | ||||||
14 | amount is reached . Applications that qualify but do not receive | ||||||
15 | an allocation Applicants must reapply to be considered in | ||||||
16 | subsequent for each application periods period . | ||||||
17 | (c) Subject On or before December 31, 2019,
and on or | ||||||
18 | before December 31 of each odd-numbered year thereafter through
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19 | 2023, subject to appropriation and prior to equal disbursement | ||||||
20 | to the Division, moneys in the Historic Property Administrative | ||||||
21 | Fund shall be used, on a biennial basis beginning at the end of | ||||||
22 | the second first fiscal year after the effective date of this | ||||||
23 | Act, to hire a qualified third party to prepare a biennial | ||||||
24 | report to assess the overall impact effectiveness of this Act | ||||||
25 | from the qualified rehabilitation plans projects under this Act | ||||||
26 | completed in that year and in previous years. Baseline data of |
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1 | the metrics in the report shall be collected at the initiation | ||||||
2 | of a qualified rehabilitation plan project . The overall | ||||||
3 | economic impact shall include at least: | ||||||
4 | (1) the number of applications, project locations, and | ||||||
5 | proposed use of qualified historic structures; | ||||||
6 | (2) the amount of credits awarded and the number and | ||||||
7 | location of projects receiving credit allocations; | ||||||
8 | (3) the status of ongoing projects and projected | ||||||
9 | qualifying expenditures for ongoing projects;
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10 | (4) for completed projects, the total amount of | ||||||
11 | qualifying rehabilitation expenditures and non-qualifying | ||||||
12 | expenditures, the number of housing units created and the | ||||||
13 | number of housing units that qualify as affordable, and the | ||||||
14 | total square footage rehabilitated and developed; | ||||||
15 | (5) direct, indirect, and induced economic impacts; | ||||||
16 | (6) temporary, permanent, and construction jobs | ||||||
17 | created; and | ||||||
18 | (7) sales, income, and property tax generation before | ||||||
19 | construction, during construction, and after completion. | ||||||
20 | The report to the General Assembly shall be filed with the | ||||||
21 | Clerk of the House of Representatives and the Secretary of the | ||||||
22 | Senate in electronic form only, in the manner that the Clerk | ||||||
23 | and the Secretary shall direct. | ||||||
24 | (d) Any time prior to issuance of a tax credit certificate, | ||||||
25 | the Director of the Division, the State Historic Preservation | ||||||
26 | Officer, or staff of the Division may, upon reasonable notice |
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1 | to the project owner of not less than 3 business days, conduct | ||||||
2 | a site visit to the project to inspect and evaluate the | ||||||
3 | project. | ||||||
4 | (e) Any time prior to the issuance of a tax credit | ||||||
5 | certificate and for a period of 4 years following the effective | ||||||
6 | date of a project tax credit certificate , the Director may, | ||||||
7 | upon reasonable notice of not less than 30 calendar days, | ||||||
8 | request a status report from the Applicant consisting of | ||||||
9 | information and updates relevant to the status of the project. | ||||||
10 | Status reports shall not be requested more than twice yearly. | ||||||
11 | (f) In order to demonstrate sufficient evidence of | ||||||
12 | reviewable progress within 12 months after the date the | ||||||
13 | Applicant received notification of allocation approval from | ||||||
14 | the Division, the Director may require the Applicant to shall | ||||||
15 | provide all of the following: | ||||||
16 | (1) a viable financial plan which demonstrates by way | ||||||
17 | of an executed agreement that all financing has been | ||||||
18 | secured for the project; such financing shall include, but | ||||||
19 | not be limited to, equity investment as demonstrated by | ||||||
20 | letters of commitment from the owner of the property, | ||||||
21 | investment partners, and equity investors; | ||||||
22 | (2) (blank); final construction drawings or approved | ||||||
23 | building permits that demonstrate the complete | ||||||
24 | rehabilitation of the full scope of the application; and | ||||||
25 | (3) all historic approvals, including all federal and | ||||||
26 | State rehabilitation documents required by the Division. |
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1 | The Director shall review the submitted evidence and may | ||||||
2 | request additional documentation from the Applicant if | ||||||
3 | necessary. The Applicant will have 30 calendar days to provide | ||||||
4 | the information requested, otherwise the allocation approval | ||||||
5 | may be rescinded at the discretion of the Director. | ||||||
6 | (g) In order to demonstrate sufficient evidence of | ||||||
7 | reviewable progress within 24 18 months after the date the | ||||||
8 | application received notification of approval from the | ||||||
9 | Division, the Director may require the Applicant is required to | ||||||
10 | provide detailed evidence that the Applicant has secured and | ||||||
11 | closed on financing for the complete scope of rehabilitation | ||||||
12 | for the project. To demonstrate evidence that the Applicant has | ||||||
13 | secured and closed on financing, the Applicant will need to | ||||||
14 | provide signed and processed loan agreements, bank financing | ||||||
15 | documents or other legal and contractual evidence to | ||||||
16 | demonstrate that adequate financing is available to complete | ||||||
17 | the project. The Director shall review the submitted evidence | ||||||
18 | and may request additional documentation from the Applicant if | ||||||
19 | necessary. The Applicant will have 30 calendar days to provide | ||||||
20 | the information requested, otherwise the allocation approval | ||||||
21 | may be rescinded at the discretion of the Director. | ||||||
22 | If the Applicant fails to document reviewable progress | ||||||
23 | within 24 18 months of approval, the Director may notify the | ||||||
24 | Applicant that the allocation application is rescinded. | ||||||
25 | However, should financing and construction be imminent, the | ||||||
26 | Director may elect to grant the Applicant no more than 5 months |
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1 | to close on financing and commence construction. If the | ||||||
2 | Applicant fails to meet these conditions in the required | ||||||
3 | timeframe, the Director shall notify the Applicant that the | ||||||
4 | allocation application is rescinded. Any such rescinded | ||||||
5 | allocation shall be added to the aggregate amount of credits | ||||||
6 | available for allocation for the year in which the forfeiture | ||||||
7 | occurred. | ||||||
8 | The amount of the qualified expenditures identified in the | ||||||
9 | qualified taxpayer's Applicant's certification of completion | ||||||
10 | and reflected on the Historic Preservation Tax Credit | ||||||
11 | certificate issued by the Director is subject to inspection, | ||||||
12 | examination, and audit by the Department of Revenue. | ||||||
13 | The qualified taxpayer Applicant shall establish and | ||||||
14 | maintain for a period of 4 years following the effective date | ||||||
15 | on a project tax credit certificate such records as required by | ||||||
16 | the Director. Such records include, but are not limited to, | ||||||
17 | records documenting project expenditures and compliance with | ||||||
18 | the U.S. Secretary of the Interior's Standards. The qualified | ||||||
19 | taxpayer Applicant shall make such records available for review | ||||||
20 | and verification by the Director, the State Historic | ||||||
21 | Preservation Officer, the Department of Revenue, or | ||||||
22 | appropriate staff, as well as other appropriate State agencies. | ||||||
23 | In the event the Director determines an Applicant has submitted | ||||||
24 | a status an annual report containing erroneous information or | ||||||
25 | data not supported by records established and maintained under | ||||||
26 | this Act, the Director may, after providing notice, require the |
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1 | Applicant to resubmit corrected reports.
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2 | (Source: P.A. 100-629, eff. 1-1-19.) | ||||||
3 | (35 ILCS 31/25) | ||||||
4 | (This Section may contain text from a Public Act with a | ||||||
5 | delayed effective date )
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6 | Sec. 25. Powers. The Division may shall adopt rules for the | ||||||
7 | administration of this Act. The Division may enter into an | ||||||
8 | intergovernmental agreement with the Department of Commerce | ||||||
9 | and Economic Opportunity, the Department of Revenue, or both, | ||||||
10 | for the administration of this Act. Such intergovernmental | ||||||
11 | agreement may allow for the distribution of all or a portion of | ||||||
12 | the issuance fee imposed under Section 10 to the Department of | ||||||
13 | Commerce and Economic Opportunity or the Department of Revenue, | ||||||
14 | as applicable.
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15 | (Source: P.A. 100-629, eff. 1-1-19.)
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16 | Section 99. Effective date. This Act takes effect upon | ||||||
17 | becoming law.".
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