Date	Chamber	Action
1/8/2019	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/221

215 ILCS 5/409.1 new

Synopsis As Introduced
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 shall be based on qualified expenditures incurred by a qualified taxpayer (currently, qualified expenditures incurred by a qualified taxpayer during the taxable year). Provides that the qualified expenditures must exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins (currently, 50% of the purchase price of the property). Provides that the rehabilitation must be approved by the Historic Preservation Agency and the National Park Service (currently, the Historic Preservation Agency only). Provides that the credit sunsets on December 31, 2022 (currently, December 31, 2021). Effective immediately.

Actions 

Date	Chamber	Action
2/2/2018	House	Filed with the Clerk by Rep. Linda Chapa LaVia
2/2/2018	House	First Reading
2/2/2018	House	Referred to Rules Committee
3/21/2018	House	Assigned to Revenue & Finance Committee
4/12/2018	House	To Income Tax Subcommittee
4/13/2018	House	Rule 19(a) / Re-referred to Rules Committee
1/8/2019	House	Session Sine Die

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