Synopsis As Introduced Creates the Historic Preservation Tax Credit Act. Provides for an income tax credit in an amount equal to 25% of qualified expenditures incurred by a qualified taxpayer for the restoration and preservation of a qualified historic structure. Provides that the credit may be carried forward for up to 10 years. Provides that the credit may be sold, assigned, conveyed, or transferred. Provides that the cumulative amount of credits awarded under the Act may not exceed $25,000,000 per year per county. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.
Senate Floor Amendment No. 1 Requires the qualified historic structure to be located in Illinois. Provides that unused credits may not be carried back to a tax year prior to the tax year in which the credit was issued. Provides that the cumulative amount allowable for credits awarded under the Act shall be limited to a maximum of $25,000,000 per year per county, based on the location of the approved project. Also makes a technical change.
Replaces everything after the enacting clause. Amends the Property Tax Code. Provides that, in Cook County, all applications for judgment and order of sale for taxes and special assessments on delinquent properties shall be made (i) by July 1, 2011 for tax year 2009 and (ii) within 90 days after the second installment due date for tax year 2010 and each tax year thereafter. Provides that, if if the collector is prevented from advertising and obtaining judgment by July 1, 2011 for tax year 2009, or within 90 days after the second installment due date for tax year 2010 and each tax year thereafter, the collector may obtain judgment at any time thereafter, but if the failure arises because of the county collector's failure to comply with any of the requirements of the Property Tax Code, then the county collector shall be held on his or her official bond for the full amount of all taxes and special assessments charged against him or her. Effective immediately.