State of Illinois
2021 and 2022


Introduced 2/26/2021, by Sen. Brian W. Stewart


35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Creates the Lincoln-Douglas Historic Tax Credit. Provides that a taxpayer is entitled to a credit of up to 25% of the qualified expenditures incurred by the taxpayer for a qualified rehabilitation of a historic structure located in a Lincoln-Douglas debate community. Effective immediately.

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SB1880LRB102 15525 HLH 20888 b

1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Income Tax Act is amended by
5adding Section 232 as follows:
6    (35 ILCS 5/232 new)
7    Sec. 232. Illinois Lincoln-Douglas Historic Tax Credit.
8    (a) The purpose of the tax credit under this Section is to
9assist in the advancement of Lincoln-related tourism through
10the development of historic preservation districts that are
11located in Illinois communities that hosted the historic
12Lincoln-Douglas Debates of 1858.
13    (b) For tax years ending on or after December 31, 2021, a
14taxpayer is entitled to a credit against the tax imposed by
15subsections (a) and (b) of Section 201 of this Act in an amount
16not to exceed 25% of the qualified expenditures incurred by
17the taxpayer for a qualified rehabilitation or development
18project of a certified historic structure located within a
19historic preservation district in a Lincoln-Douglas debate
21    For the purposes of this Section, a "Lincoln-Douglas
22debate community" includes the following municipalities:
23Ottawa, Freeport, Jonesboro, Charleston, Galesburg, Quincy,



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1and Alton.
2    (c) The Department of Commerce and Economic Opportunity,
3in consultation with the Historic Preservation Agency, shall
4adopt any necessary rules and guidelines in order to
5administer the provisions of this Section.
6    (d) If the amount of the credit exceeds the tax liability
7for the year, the excess may be carried forward and applied to
8the tax liability of the 5 taxable years following the excess
9credit year. The tax credit shall be applied to the earliest
10year for which there is a tax liability. If there are credits
11for more than one year that are available to offset a
12liability, the earlier credit shall be applied first. In no
13event shall a credit under this Section reduce the taxpayer's
14liability to less than zero.
15    (e) This Section is exempt from the provisions of Section
17    Section 99. Effective date. This Act takes effect upon
18becoming law.