100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
Introduced , by Rep. Brian W. Stewart
SYNOPSIS AS INTRODUCED:
Amends the Illinois Income Tax Act. Creates the Lincoln-Douglas
Historic Tax Credit. Provides that a taxpayer is entitled to a credit of up
to 25% of the qualified expenditures incurred by the taxpayer for a
qualified rehabilitation of a historic structure located in a
Lincoln-Douglas debate community. Effective immediately.
|FISCAL NOTE ACT MAY APPLY|
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Income Tax Act is amended by adding
Section 224 as follows:
(35 ILCS 5/224 new)
Illinois Lincoln-Douglas Historic Tax Credit.
(a) The purpose of the tax credit under this Section is to
assist in the advancement of Lincoln-related tourism through
the development of historic preservation districts that are
located in Illinois communities that hosted the historic
Lincoln-Douglas Debates of 1858.
(b) For tax years ending on or after December 31, 2017, a
taxpayer is entitled to a credit against the tax imposed by
subsections (a) and (b) of Section 201 of this Act in an amount
not to exceed 25% of the qualified expenditures incurred by the
taxpayer for a qualified rehabilitation or development project
of a certified historic structure located within a historic
preservation district in a Lincoln-Douglas debate community.
For the purposes of this Section, a "Lincoln-Douglas debate
community" includes the following municipalities: Ottawa,
Freeport, Jonesboro, Charleston, Galesburg, Quincy, and Alton.
(c) The Department of Commerce and Economic Opportunity, in