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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB1726
Introduced 2/22/2007, by Rep. Thomas Holbrook SYNOPSIS AS INTRODUCED: |
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20 ILCS 3405/40 new |
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35 ILCS 5/218 new |
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Amends Historic Preservation Agency Act and the Illinois Income Tax Act. Requires the Historic Preservation Agency to authorize an income tax credit to taxpayers who incur eligible costs and expenses
for rehabilitation of a certified historic structure or a
structure in a certified
historic district. Sets forth procedures and criteria for authorizing the credits. Provides that the aggregate amount of all credits that the Department may authorize in any calendar year may not exceed $40,000,000. Requires that 50% of the credits must be reserved for those rehabilitation projects incurring eligible costs and expenses of $1,000,000 or less and 25% must be reserved for those rehabilitation projects incurring eligible costs and expenses of $50,000 or less. Provides that the credit may be carried forward for 2 years. Exempts the credit from the Act's sunset provisions. Effective immediately. |
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB1726 |
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LRB095 11219 BDD 31662 b |
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| AN ACT concerning taxes.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Historic Preservation Agency Act is amended |
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| by adding Section 40 as follows: |
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| (20 ILCS 3405/40 new)
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| Sec. 40. Authorizations of historic preservation credits. |
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| (a) The Agency shall authorize an income tax credit to |
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| taxpayers who incur eligible costs and expenses
for |
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| rehabilitation of a certified historic structure or a
structure |
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| in a certified
historic district. The amount of the credit that |
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| may be authorized to a taxpayer by the Agency under this |
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| Section is an amount equal to 25% of the eligible costs and |
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| expenses
incurred in the
taxable year. The Agency shall develop |
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| and make available a standardized application pertaining to the |
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| allocation of tax credits under this Section. The Department |
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| must accepts applications and authorize credits on an ongoing |
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| basis. The Department must make public, by June 1 and by |
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| December 1 of each year, the total number of requests for tax |
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| credits and the total amount of requested tax credits that have |
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| been submitted and awarded. |
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| (b) The aggregate amount of all credits that the Agency may |
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| authorize in any calendar year under this Section may not |