Full Text of SB2168 97th General Assembly
SB2168sam001 97TH GENERAL ASSEMBLY | Sen. James F. Clayborne, Jr. Filed: 3/23/2011
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| 1 | | AMENDMENT TO SENATE BILL 2168
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2168 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The State Finance Act is amended by adding | 5 | | Section 5.786 as follows: | 6 | | (30 ILCS 105/5.786 new) | 7 | | Sec. 5.786. The Historic Property Administrative Fund. | 8 | | Section 10. The Illinois Income Tax Act is amended by | 9 | | adding Section 221 as follows: | 10 | | (35 ILCS 5/221 new) | 11 | | Sec. 221. Rehabilitation costs; qualified historic | 12 | | properties; River Edge Redevelopment Zone. | 13 | | (a) For taxable years beginning on or after January 1, | 14 | | 2012, there shall be allowed a tax credit against the tax |
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| 1 | | imposed by subsections (a) and (b) of Section 201 in an amount | 2 | | equal to 25% of qualified expenditures incurred by a qualified | 3 | | taxpayer during the taxable year in the restoration and | 4 | | preservation of a qualified historic structure located in a | 5 | | River Edge Redevelopment Zone that exists on the effective date | 6 | | of this amendatory Act of the 97th General Assembly pursuant to | 7 | | a qualified rehabilitation plan, provided that the total amount | 8 | | of such expenditures (i) must equal $5,000 or more and (ii) | 9 | | must exceed 50% of the purchase price of the property. | 10 | | (b) To obtain a tax credit pursuant to this Section, the | 11 | | taxpayer must apply with the Department of Commerce and | 12 | | Economic Opportunity no later than 6 months after the effective | 13 | | date of this amendatory Act of the 97th General Assembly. The | 14 | | Department of Commerce and Economic Opportunity, in | 15 | | consultation with the Historic Preservation Agency, shall | 16 | | determine the amount of eligible rehabilitation costs and | 17 | | expenses. The Historic Preservation Agency shall determine | 18 | | whether the rehabilitation is consistent with the standards of | 19 | | the Secretary of the United States Department of the Interior | 20 | | for rehabilitation. Upon completion and review of the project, | 21 | | the Department of Commerce and Economic Opportunity shall issue | 22 | | a certificate in the amount of the eligible credits. At the | 23 | | time the certificate is issued, an issuance fee up to the | 24 | | maximum amount of 2% of the amount of the credits issued by the | 25 | | certificate may be collected from the applicant to administer | 26 | | the provisions of this Section. If collected, this issuance fee |
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| 1 | | shall be deposited into the Historic Property Administrative | 2 | | Fund, a special fund created in the State treasury. Subject to | 3 | | appropriation, moneys in the Historic Property Administrative | 4 | | Fund shall be evenly divided between the Department of Commerce | 5 | | and Economic Opportunity and the Historic Preservation Agency | 6 | | to reimburse the Department of Commerce and Economic | 7 | | Opportunity and the Historic Preservation Agency for the costs | 8 | | associated with administering this Section. The taxpayer must | 9 | | attach the certificate to the tax return on which the credits | 10 | | are to be claimed. | 11 | | (c) The tax credit under this Section may not reduce the | 12 | | taxpayer's liability to less than
zero. If the amount of any | 13 | | tax credit awarded under this Section exceeds the qualified | 14 | | taxpayer's income tax liability for the year in which the | 15 | | qualified rehabilitation plan was placed in service, the excess | 16 | | amount may be carried forward for deduction from the taxpayer's | 17 | | income tax liability in the next succeeding year or years until | 18 | | the total amount of the credit has been used, except that a | 19 | | credit may not be carried forward for deduction after the tenth | 20 | | taxable year after the taxable year in which the qualified | 21 | | rehabilitation plan was placed in service. | 22 | | (d) As used in this Section, the following terms have the | 23 | | following meanings. | 24 | | "Qualified expenditure" means all the costs and expenses | 25 | | defined as qualified rehabilitation expenditures under Section | 26 | | 47 of the federal Internal Revenue Code that were incurred in |
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| 1 | | connection with a qualified historic structure. | 2 | | "Qualified historic structure" means a certified historic | 3 | | structure as defined under Section 47 (c)(3) of the federal | 4 | | Internal Revenue Code. | 5 | | "Qualified rehabilitation plan" means a project that is | 6 | | approved by the Historic Preservation Agency as being | 7 | | consistent with the standards in effect on the effective date | 8 | | of this amendatory Act of the 97th General Assembly for | 9 | | rehabilitation as adopted by the federal Secretary of the | 10 | | Interior. | 11 | | "Qualified taxpayer" means the owner of the qualified | 12 | | historic structure or any other person who qualifies for the | 13 | | federal rehabilitation credit allowed by Section 47 of the | 14 | | federal Internal Revenue Code with respect to that qualified | 15 | | historic structure. If the taxpayer is (i) a corporation having | 16 | | an election in effect under Subchapter S of the federal | 17 | | Internal Revenue Code, (ii) a partnership, or (iii) a limited | 18 | | liability company, the credit provided under this Act may be | 19 | | claimed by the shareholders of the corporation, the partners of | 20 | | the partnership, or the members of the limited liability | 21 | | company in the same manner as those shareholders, partners, or | 22 | | members account for their proportionate shares of the income or | 23 | | losses of the corporation, partnership, or limited liability | 24 | | company, or as provided in the by-laws or other executed | 25 | | agreement of the corporation, partnership, or limited | 26 | | liability company. Credits granted to a partnership, a limited |
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| 1 | | liability company taxed as a partnership, or other multiple | 2 | | owners of property shall be passed through to the partners, | 3 | | members, or owners respectively on a pro rata basis or pursuant | 4 | | to an executed agreement among the partners, members, or owners | 5 | | documenting any alternate distribution method.
| 6 | | Section 99. Effective date. This Act takes effect upon | 7 | | becoming law.".
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