SB 1823

Abstract

Amends the Illinois Income Tax Act. Extends a tax credit allowable for qualified expenditures incurred by a qualified taxpayer in the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone to January 1, 2031 (currently, through January 1, 2022). Provides that, in order to qualify for such a tax credit, expenditures must: (i) equal $5,000 or more, (ii) exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins, and (iii) be a part of a qualified rehabilitation plan or phase of a qualified rehabilitation plan that received final approval to begin the expenditures no later than December 31, 2026 (currently, only (i) and (ii) are required). Effective immediately. Senate Floor Amendment No. 1 Makes a technical correction to the introduced bill by providing that the credit for restoration of qualified historic properties in a River Edge Redevelopment Zone applies for taxable years ending prior to January 1, 2027 (currently, January 1, 2022).