| Creates a historic preservation income tax credit. Taxpayers would be entitled to a credit equal to 25% of the eligible cost and expenses incurred during the tax year for the rehabilitation of a certified historic structure or a structure in a certified historic district. Eligible costs and expenses must exceed 50% of the federal tax basis of the property. Excess credit amounts can be carried forward two tax years. The credit would be effective for tax years ending on or after December 31, 2003. Illinois filers claimed $32 million in the federal rehabilitation income tax credit in 2001. However, it is impossible to determine how many taxpayers will spend more than 50% of the federal tax basis of the property. But based on the previously stated number, the credit could reduce income tax liabilities by several million dollars annually. |