Synopsis As Introduced Amends the Illinois Income Tax Act. Provides that taxpayers of a qualified historic structure located in a River Edge Redevelopment Zone shall be allowed a tax credit against certain provisions of the Illinois Insurance Code during a 48-month period. Provides that a taxpayer is required to provide a third-party cost certification regarding costs attributable to the rehabilitation of a historic building when the costs exceed $200,000. Defines "phased rehabilitation" and "placed in service". Amends the Illinois Insurance Code. Makes conforming changes. Effective immediately.
Replaces everything after the enacting clause. Amends the Illinois Income Tax Act. In a Section concerning a credit for qualified expenditures incurred in the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone, provides that the total amount of such expenditures (i) must equal $5,000 or more and (ii) must exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins (currently the total amount of such expenditures (i) must equal $5,000 or more and (ii) must exceed 50% of the purchase price of the property). Provides that the Department of Natural Resources (currently, the Department of Commerce and Economic Opportunity, in consultation with the Historic Preservation Agency) shall determine the amount of eligible rehabilitation costs and expenses. Provides that the determination shall be made within 30 days of receipt of a complete application. Contains provisions concerning third-party audits and a recapture period.
House Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with the following changes: (1) provides that the River Edge Redevelopment Credit for phased projects may be granted upon completion of each phase; (2) provides that the Department of Natural Resources shall determine the amount of eligible rehabilitation costs and expenses within 45 days (in the engrossed bill, 30 days) of receipt of a complete application; (3) removes provisions concerning credit distributions to partnerships, Subchapter S corporations, and limited liability companies that have elected partnership tax treatment; (4) removes recapture provisions; (5) provides that the taxpayer must submit a certification of costs prepared by an independent certified public accountant; and (6) provides that moneys in the Historic Property Administrative Fund shall be used to hire a qualified third party to prepare a biennial report to assess the overall economic impact to the State from qualified River Edge Redevelopment Zone rehabilitation projects.
Replaces everything after the enacting clause. Reinserts the provisions of House Amendment No. 1 with changes. Adds provisions to the bill creating the Historic Preservation Tax Credit Act. Creates an income tax credit equal to 25% of the qualified expenditures incurred by a qualified taxpayer undertaking a qualified rehabilitation plan of a structure that is located in Illinois and is defined as a certified historic structure under Section 47(c)(3) of the federal Internal Revenue Code. Provides that, to be eligible for the credit, the taxpayer must apply with the State Historic Preservation Office. Provides that the credit is subject to certain limitations. Amends the Illinois Income Tax Act to make conforming changes.