Bill Status of SB0490  95th General Assembly

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Short Description:  INC TX-HIST PRESERVATION CR

Senate Sponsors
Sen. Kirk W. Dillard

Last Action

Date	Chamber	Action
1/13/2009	Senate	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, but not to exceed $100,000. Defines "eligible expenditure" as an expenditure equal to at least 10% of the fair cash value of the qualified historic building before the rehabilitation. Defines "qualified historic building" as a commercial building or an owner-occupied residential building that is listed in a national, State, or local historic registry. Provides that the credit may be carried forward for 5 years. Exempts the credit from the Act's sunset provisions. Effective immediately.

Actions 

Date	Chamber	Action
2/8/2007	Senate	Filed with Secretary by Sen. Kirk W. Dillard
2/8/2007	Senate	First Reading
2/8/2007	Senate	Referred to Rules
1/13/2009	Senate	Session Sine Die