093_HB0329
LRB093 04493 SJM 04546 b
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, 2003, 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
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1 Section 250 of this Act.
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.