SB 1711

Abstract

Amends the Historic Preservation Tax Credit Act. Provides that the aggregate amount of the credit may not exceed $3,000,000. Provides that credits may be awarded upon completion of the project and approval of a complete application (currently, review of the project). Provides that the taxpayer is not eligible to receive credits under that Act and as qualified River Edge Redevelopment Zone property for the same qualified expenditures or qualified rehabilitation plan. Makes various technical corrections concerning allocation of credits. Amends the Illinois Income Tax Act with respect to the Historic Preservation Tax Credit to include provisions concerning limited liability companies. Effective immediately. Senate Committee Amendment No. 1 Further amends the Historic Preservation Tax Credit Act to provide that the amount of qualified expenditures must (i) equal $5,000 or more and (ii) exceed the adjusted basis of the structure on the first day the qualified rehabilitation plan commenced (currently, the expenditures must (i) equal $5,000 or more or (ii) exceed the adjusted basis of the structure on the first day the qualified rehabilitation plan commenced). Makes various technical corrections.