Illinois General Assembly - Bill Status for HB0329

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Bill Status of HB0329 93rd General Assembly

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Short Description: INCOME TAX EXEMPT-HIST PRESERV

House Sponsors
Rep. Thomas Holbrook

Last Action

Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/213 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that taxpayers may claim a credit for certain historic preservation expenditures beginning with taxable years ending on or after December 31, 2003. The credit is exempt from the sunset requirements. Effective immediately.

Fiscal Note (Department of Revenue)

Creates a historic preservation income tax credit. Taxpayers would be entitled to a credit equal to 25% of the eligible cost and expenses incurred during the tax year for the rehabilitation of a certified historic structure or a structure in a certified historic district. Eligible costs and expenses must exceed 50% of the federal tax basis of the property. Excess credit amounts can be carried forward two tax years. The credit would be effective for tax years ending on or after December 31, 2003. Illinois filers claimed $32 million in the federal rehabilitation income tax credit in 2001. However, it is impossible to determine how many taxpayers will spend more than 50% of the federal tax basis of the property. But based on the previously stated number, the credit could reduce income tax liabilities by several million dollars annually.

Actions

Date	Chamber	Action
1/24/2003	House	Filed with the Clerk by Rep. Thomas Holbrook
1/24/2003	House	First Reading
1/24/2003	House	Referred to Rules Committee
1/29/2003	House	Assigned to Revenue Committee
2/24/2003	House	Fiscal Note Filed
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2005	House	Session Sine Die

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