(35 ILCS 5/228)
Historic preservation credit.
tax years beginning on or after January 1, 2019 and ending on
or before December 31, 2023, a taxpayer who qualifies for a
credit under the Historic Preservation Tax Credit Act is entitled to a credit against the taxes
imposed under subsections (a) and (b) of Section 201 of this
Act as provided in that Act. If the taxpayer is a partnership
or Subchapter S corporation, the credit shall be allowed to the
partners or shareholders in accordance with the determination
of income and distributive share of income under Sections 702
and 704 and Subchapter S of the Internal Revenue Code.
If the amount of any tax credit awarded under this Section
exceeds the qualified taxpayer's income tax liability for the
year in which the qualified rehabilitation plan was placed in
service, the excess amount may be carried forward as
provided in the Historic Preservation Tax Credit Act.
(Source: P.A. 100-629, eff. 1-1-19; 101-81, eff. 7-12-19.)