State of Illinois
92nd General Assembly
Legislation

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92_HB1906

 
                                               LRB9207116TApc

 1        AN ACT concerning taxes.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Illinois  Income  Tax Act is amended by
 5    adding Section 213 as follows:

 6        (35 ILCS 5/213 new)
 7        Sec. 213.  Historic preservation credit.
 8        (a)  Beginning with taxable  years  ending  on  or  after
 9    December  31,  2001,  each  taxpayer  is entitled to a credit
10    against the tax imposed by subsections (a) and (b) of Section
11    201 in an amount equal to  25%  of  the  eligible  costs  and
12    expenses incurred in the taxable year for rehabilitation of a
13    certified  historic  structure  or a structure in a certified
14    historic district.
15        (b)  Eligible costs and expenses must exceed 50%  of  the
16    federal tax basis of the property, must meet the requirements
17    for  qualified  rehabilitation  expenditures as defined under
18    Section 47(c)(2)(A) of the  Internal  Revenue  Code  and  the
19    related  regulations  under  that  Section, and must meet the
20    standards of the Secretary of the United States Department of
21    the Interior for rehabilitation as determined by the Illinois
22    Historic Preservation Agency.
23        (c)  If  the  amount  of  the  credit  exceeds  the   tax
24    liability for the year, the excess may be carried forward and
25    applied to the tax liability of the 2 taxable years following
26    the  excess  credit year.  The credit shall be applied to the
27    earliest year for which there is a tax liability.   If  there
28    are credits from more than one tax year that are available to
29    offset  a  liability,  the  earlier  credit  shall be applied
30    first.
31        (d)  This  Section  is  exempt  from  the  provisions  of
 
                            -2-                LRB9207116TApc
 1    Section 250 of this Act.

 2        Section 99.  Effective date.  This Act takes effect  upon
 3    becoming law.

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