Bill Status of HB3186 102nd General Assembly
Short Description: HISTORIC PRESERVATION-CREDITS
Rep. Jehan Gordon-Booth
| 3/27/2021||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Historic Preservation Tax Credit Act. Provides that the aggregate amount of credits awarded under the Act to a particular taxpayer may not exceed $3,000,000. Provides that the total amount of expenditures must equal at least $5,000 and (currently, "or") exceed the adjusted basis of the structure. Provides that the taxpayer may not receive a credit under the Act and a River Edge redevelopment credit for the same qualified expenditures or rehabilitation plan. Makes changes concerning the allocation of credits. Makes various technical changes. Amends the Illinois Income Tax Act. Makes changes to the historic preservation credit to include limited liability companies. Effective immediately.