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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.