Date	Chamber	Action
1/13/2009	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/218 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a tax credit, for taxable years ending on or after December 31, 2007, for taxpayers who make an eligible expenditure during the taxable year for the rehabilitation of a qualified historic building. Sets the credit at an amount equal to 25% of the total expenditures made during the taxable year for the rehabilitation. Defines "eligible expenditure" as an expenditure equal to at least 50% of the total basis in the property. Defines "qualified historic building" as a structure listed individually on the National Register of Historic Places, a contributing structure in a National Register historic district, or be located in a local historic district that is certified by the United States Department of the Interior. Provides that the credit may be carried back for 3 years or carried forward for 5 years. Exempts the credit from the Act's sunset provisions. Effective immediately.

Actions 

Date	Chamber	Action
2/21/2007	House	Filed with the Clerk by Rep. Kurt M. Granberg
2/21/2007	House	First Reading
2/21/2007	House	Referred to Rules Committee
2/27/2007	House	Assigned to Revenue Committee
3/23/2007	House	Rule 19(a) / Re-referred to Rules Committee
1/13/2009	House	Session Sine Die

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