INCOME TAX EXEMPT-HIST PRESERV House SponsorsRep. Thomas Holbrook 1/11/2005HouseSession Sine Die 35 ILCS 5/213 new 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. 1/24/2003HouseFiled with the Clerk by Rep. Thomas Holbrook 1/24/2003HouseFirst Reading 1/24/2003HouseReferred to Rules Committee 1/29/2003HouseAssigned to Revenue Committee 2/24/2003HouseFiscal Note Filed 3/13/2003HouseRule 19(a) / Re-referred to Rules Committee 1/11/2005HouseSession Sine Die