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State Historic Tax Credit

Bills Introduced

 

The 99th Illinois General Assembly convened on January 14, 2015 and several state historic tax credit bills have been introduced.

Landmarks Illinois thanks all the state legislators who support both the extension of the Illinois Historic Tax Credit program now available in five pilot cities (due to expire on January 1, 2017) and the creation of a statewide historic tax credit program so that eligible historic buildings throughout Illinois may qualify for this important financing tool. Illinois is one of the few states in the nation without a statewide historic tax credit program. (USA Tax Credit Map.pdf) In the fall of 2013, Landmarks Illinois released a study demonstrating the positive economic return a state historic tax credit would provide for communities and the state. (State Tax Credit Study.pdf)

 

Please urge your state legislator to co-sponsor the following historic tax credit bills:

 

State Senate

 

SB 1642: The River Edge HTC extension bill

Senate Sponsors

Sen. Steve Stadelman - Dave Syverson - David Koehler - Linda Holmes - Michael Noland

Synopsis As Introduced

Amends the Illinois Income Tax Act and the Illinois Insurance Code. Provides that all or a portion of the income tax credit awarded for the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone may instead be taken as a credit against privilege and retaliatory taxes paid under the Illinois Insurance Code. Provides that the Historic Preservation Agency may issue a certification to the taxpayer stating that, if the project is completed as proposed, the project will qualify for the credits. Contains provisions concerning transfers of credits. Provides that the credit may be carried forward. Provides that the credit sunsets on January 1, 2022 (currently, January 1, 2017). Effective immediately.

 

SB 1250: Rehabilitation Tax Credit

Senate Sponsors

Sen. Pam Althoff

Synopsis As Introduced

Creates the Illinois Rehabilitation and Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an aggregate amount equal to 20% of qualified expenditures incurred by a qualified taxpayer pursuant to a qualified rehabilitation plan on a qualified structure, provided that the total amount of such qualified expenditures exceeds the greater of $5,000 or the adjusted basis of the property. Contains provisions concerning the transfer of credits. Sets forth the maximum annual amount of credits that may be approved by the Department. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Effective January 1, 2016.

 

State House

 

HB 3566: The River Edge HTC extension bill

House Sponsor

Rep. Gordon-Booth

Synopsis As Introduced

Amends the Illinois Income Tax Act and the Illinois Insurance Code. Provides that all or a portion of the income tax credit awarded for the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone may instead be taken as a credit against privilege and retaliatory taxes paid under the Illinois Insurance Code. Provides that the credit may be transferred within one year after the credit is awarded. Provides that the credit may be transferred only once. Provides that the credit may be carried forward. Provides that the credit sunsets on January 1, 2022 (currently, January 1, 2017). Effective immediately.

 

HB 0240: Property Rehab Credit

House Sponsors

Rep. Greg Harris Rep. Natalie Manley Rep. Martin Moylan Rep. Jerry Costello

Synopsis As Introduced

Creates the Illinois Rehabilitation and Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an aggregate amount equal to 20% of qualified expenditures incurred by a qualified taxpayer pursuant to a qualified rehabilitation plan on a qualified structure, provided that the total amount of such qualified expenditures exceeds the greater of $5,000 or the adjusted basis of the property. Provides that credits may be carried forward for a period of 5 years, or carried back for a period of one year. Provides that credits awarded for each qualified rehabilitation project shall be limited to a maximum of $3,000,000. Provides that credits may be assigned or transferred. Effective January 1, 2016.

  

HB 3109 State Historic Tax Credit

House Sponsor

Rep. Steven Andersson

Synopsis As Introduced

Amends the Illinois Income Tax Act. Provides that the credit awarded for the restoration and preservation of a qualified historic structure applies on a permanent basis. Removes a requirement that the historic structure must be located in a River Edge Redevelopment Zone. Effective immediately.

 

Why Does Illinois Need a Statewide Historic Rehabilitation Tax Credit?

A state historic rehabilitation tax credit is critical to create new jobs and leverage private investment in Illinois. Without this tax credit, Illinois risks losing hundreds of redevelopment, investment, and job creation opportunities to neighboring states that do have this type of incentive, thereby slowing our overall economic recovery.

 

State Historic Tax Credit Fact Sheet

State Historic Tax Credit Economic Study

State Historic Tax Credit Executive Study

Editorial: Yes to historic tax credits

The Dispatch and The Rock Island Argus
March 7, 2014

Map: Regional State Historic Tax Credit Legislative Initiatives

New Report Confirms Symbiotic Relationship of State and Federal Historic Tax Credits

 

Other Historic Property-Related Bills Introduced Include:

 

HB O149: Revenue Revitalization Credit

House Sponsor

Rep. Lawrence Walsh

Synopsis As Introduced

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 may be carried over into succeeding years and transferred. Contains provisions concerning the application process for obtaining a credit including form, fees, time to commence rehabilitation and expenditures, and that applicants shall comply with the Prevailing Wage Act. Provides that the Department of Commerce and Economic Opportunity will determine the amount of qualified expenditures and the amount of credits to be issued. Requires that a biennial report be issued. Provides for an appeal process where applicants may appeal an adverse decision. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Amends the State Property Control Act. Changes the definition of "surplus real property" to include property which is determined by the head of the State agency to no longer be required for the State agency's needs and responsibilities (instead of property that is vacant, unoccupied, or unused and having no foreseeable use by the owing agency). Makes changes concerning the disposition of surplus State property. Effective immediately.

 

HB O225: Lottery Historic Preservation

House Sponsor

Rep. John Cavaletto

Illinois lawmaker proposes lottery legislation to help historic sites

Quad-City Times
January 27, 2015

Synopsis As Introduced

Amends the Illinois Lottery Law. Requires the Department of Revenue, beginning on January 1, 2016 or as soon thereafter as is practical, to offer a special historic preservation scratch-off game. Provides that moneys from the historic preservation scratch-off game shall be deposited into the Illinois Historic Sites Fund. Provides that those moneys shall be used by the Historic Preservation Agency to maintain and preserve certain specified State historic sites. Effective immediately.
 

Rendering, Peacock Brewery in Rockford (credit courtesy of Gary Anderson Architects)

 
     

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