Full Text of SB2168 97th General Assembly
SB2168eng 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The State Finance Act is amended by adding | 5 | | Section 5.786 as follows: | 6 | | (30 ILCS 105/5.786 new) | 7 | | Sec. 5.786. The Historic Property Administrative Fund. | 8 | | Section 10. The Illinois Income Tax Act is amended by | 9 | | adding Section 221 as follows: | 10 | | (35 ILCS 5/221 new) | 11 | | Sec. 221. Rehabilitation costs; qualified historic | 12 | | properties; River Edge Redevelopment Zone. | 13 | | (a) For taxable years beginning on or after January 1, | 14 | | 2012, there shall be allowed a tax credit against the tax | 15 | | imposed by subsections (a) and (b) of Section 201 in an amount | 16 | | equal to 25% of qualified expenditures incurred by a qualified | 17 | | taxpayer during the taxable year in the restoration and | 18 | | preservation of a qualified historic structure located in a | 19 | | River Edge Redevelopment Zone that exists on the effective date | 20 | | of this amendatory Act of the 97th General Assembly pursuant to | 21 | | a qualified rehabilitation plan, provided that the total amount |
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| 1 | | of such expenditures (i) must equal $5,000 or more and (ii) | 2 | | must exceed 50% of the purchase price of the property. | 3 | | (b) To obtain a tax credit pursuant to this Section, the | 4 | | taxpayer must apply with the Department of Commerce and | 5 | | Economic Opportunity no later than 6 months after the effective | 6 | | date of this amendatory Act of the 97th General Assembly. The | 7 | | Department of Commerce and Economic Opportunity, in | 8 | | consultation with the Historic Preservation Agency, shall | 9 | | determine the amount of eligible rehabilitation costs and | 10 | | expenses. The Historic Preservation Agency shall determine | 11 | | whether the rehabilitation is consistent with the standards of | 12 | | the Secretary of the United States Department of the Interior | 13 | | for rehabilitation. Upon completion and review of the project, | 14 | | the Department of Commerce and Economic Opportunity shall issue | 15 | | a certificate in the amount of the eligible credits. At the | 16 | | time the certificate is issued, an issuance fee up to the | 17 | | maximum amount of 2% of the amount of the credits issued by the | 18 | | certificate may be collected from the applicant to administer | 19 | | the provisions of this Section. If collected, this issuance fee | 20 | | shall be deposited into the Historic Property Administrative | 21 | | Fund, a special fund created in the State treasury. Subject to | 22 | | appropriation, moneys in the Historic Property Administrative | 23 | | Fund shall be evenly divided between the Department of Commerce | 24 | | and Economic Opportunity and the Historic Preservation Agency | 25 | | to reimburse the Department of Commerce and Economic | 26 | | Opportunity and the Historic Preservation Agency for the costs |
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| 1 | | associated with administering this Section. The taxpayer must | 2 | | attach the certificate to the tax return on which the credits | 3 | | are to be claimed. | 4 | | (c) The tax credit under this Section may not reduce the | 5 | | taxpayer's liability to less than
zero. If the amount of any | 6 | | tax credit awarded under this Section exceeds the qualified | 7 | | taxpayer's income tax liability for the year in which the | 8 | | qualified rehabilitation plan was placed in service, the excess | 9 | | amount may be carried forward for deduction from the taxpayer's | 10 | | income tax liability in the next succeeding year or years until | 11 | | the total amount of the credit has been used, except that a | 12 | | credit may not be carried forward for deduction after the tenth | 13 | | taxable year after the taxable year in which the qualified | 14 | | rehabilitation plan was placed in service. | 15 | | (d) As used in this Section, the following terms have the | 16 | | following meanings. | 17 | | "Qualified expenditure" means all the costs and expenses | 18 | | defined as qualified rehabilitation expenditures under Section | 19 | | 47 of the federal Internal Revenue Code that were incurred in | 20 | | connection with a qualified historic structure. | 21 | | "Qualified historic structure" means a certified historic | 22 | | structure as defined under Section 47 (c)(3) of the federal | 23 | | Internal Revenue Code. | 24 | | "Qualified rehabilitation plan" means a project that is | 25 | | approved by the Historic Preservation Agency as being | 26 | | consistent with the standards in effect on the effective date |
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| 1 | | of this amendatory Act of the 97th General Assembly for | 2 | | rehabilitation as adopted by the federal Secretary of the | 3 | | Interior. | 4 | | "Qualified taxpayer" means the owner of the qualified | 5 | | historic structure or any other person who qualifies for the | 6 | | federal rehabilitation credit allowed by Section 47 of the | 7 | | federal Internal Revenue Code with respect to that qualified | 8 | | historic structure. If the taxpayer is (i) a corporation having | 9 | | an election in effect under Subchapter S of the federal | 10 | | Internal Revenue Code, (ii) a partnership, or (iii) a limited | 11 | | liability company, the credit provided under this Act may be | 12 | | claimed by the shareholders of the corporation, the partners of | 13 | | the partnership, or the members of the limited liability | 14 | | company in the same manner as those shareholders, partners, or | 15 | | members account for their proportionate shares of the income or | 16 | | losses of the corporation, partnership, or limited liability | 17 | | company, or as provided in the by-laws or other executed | 18 | | agreement of the corporation, partnership, or limited | 19 | | liability company. Credits granted to a partnership, a limited | 20 | | liability company taxed as a partnership, or other multiple | 21 | | owners of property shall be passed through to the partners, | 22 | | members, or owners respectively on a pro rata basis or pursuant | 23 | | to an executed agreement among the partners, members, or owners | 24 | | documenting any alternate distribution method.
| 25 | | Section 99. Effective date. This Act takes effect upon | 26 | | becoming law.
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