99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
Introduced 2/20/2015, by Sen. Steve Stadelman - Dave Syverson - David Koehler - Linda Holmes - Michael Noland
SYNOPSIS AS INTRODUCED:
35 ILCS 5/221
215 ILCS 5/409.1 new
Amends the Illinois Income Tax Act and the Illinois Insurance Code.
Provides that all or a portion of the income tax credit awarded for the
restoration and preservation of a qualified historic structure located in a
River Edge Redevelopment Zone may instead be taken as a credit against
privilege and retaliatory taxes paid under the Illinois Insurance Code.
Provides that the Historic Preservation Agency may issue a certification to
the taxpayer stating that, if the project is completed as proposed, the
project will qualify for the credits. Contains provisions concerning
transfers of credits. Provides that the credit may be carried forward.
Provides that the credit sunsets on January 1, 2022 (currently, January 1,
2017). Effective immediately.
|FISCAL NOTE ACT MAY APPLY|
A BILL FOR
|SB1642||LRB099 10124 HLH 30917 b|
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
changing Section 221 as follows:
(35 ILCS 5/221)
Rehabilitation costs; qualified historic
properties; River Edge Redevelopment Zone.
(a) For taxable years beginning on or after January 1, 2012
and ending prior to
January 1, 2022
January 1, 2017
shall be allowed a tax credit against the tax imposed by
subsections (a) and (b) of Section 201
of this Act and (ii)
taxes imposed under Sections 409, 413, 444, and 444.1 of the
Illinois Insurance Code
amount equal to 25% of
qualified expenditures incurred by a qualified taxpayer during
the taxable year in the restoration and preservation of a
qualified historic structure located in a River Edge
Redevelopment Zone pursuant to a qualified rehabilitation
plan, provided that 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.
(b) To obtain a tax credit pursuant to this Section, the
taxpayer must apply with the Department of Commerce and