SB 490

Abstract

Amends the Illinois Income Tax Act. Creates a tax credit, for taxable years ending on or after December 31, 2007, for taxpayers who make an eligible expenditure during the taxable year for the rehabilitation of a qualified historic building. Sets the credit at an amount equal to 25% of the total expenditures made during the taxable year for the rehabilitation, but not to exceed $100,000. Defines "eligible expenditure" as an expenditure equal to at least 10% of the fair cash value of the qualified historic building before the rehabilitation. Defines "qualified historic building" as a commercial building or an owner-occupied residential building that is listed in a national, State, or local historic registry. Provides that the credit may be carried forward for 5 years. Exempts the credit from the Act's sunset provisions. Effective immediately.