SB 2032

Abstract

Creates the Illinois State Property Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an amount equal to 30% of qualified expenditures incurred by a qualified taxpayer in the rehabilitation of certain property that had been owned by the State. Provides that credits must be approved by the Department of Commerce and Economic Opportunity. Provides that credits may be transferred and assigned. Contains provisions concerning application fees. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Amends the State Property Control Act. Makes changes to provisions concerning surplus real property. Effective immediately.