Bill Status of HB4823 96th General Assembly
Short Description: HISTORIC REHAB TAX CREDIT
Rep. Greg Harris - Maria Antonia Berrios - Jay C. Hoffman - Thomas Holbrook - Careen M. Gordon, Jehan A. Gordon, Daniel V. Beiser, Michael K. Smith, Bill Mitchell, Karen A. Yarbrough, Lisa M. Dugan and Jack D. Franks
| 1/11/2011||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Historic Rehabilitation Tax Credit Act. Authorizes tax credits against Illinois income taxes and insurance company privilege taxes for 25% of the costs of rehabilitating eligible historic property. Allows excess credits to be carried back and forward. Allows credits to be transferred, sold, or assigned. Administered by the Department of Commerce and Economic Opportunity. Sets forth application and award procedures. Effective July 1, 2010.