Illinois House Bill 4535 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

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 shall be based on qualified expenditures incurred by a qualified taxpayer (currently, qualified expenditures incurred by a qualified taxpayer during the taxable year). Provides that the qualified expenditures must exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins (currently, 50% of the purchase price of the property). Provides that the rehabilitation must be approved by the Historic Preservation Agency and the National Park Service (currently, the Historic Preservation Agency only). Provides that the credit sunsets on December 31, 2022 (currently, December 31, 2021). Effective immediately.

INC TX-RIVER EDGE

Rep. Linda LaVia [D]

Date	Chamber	Action
2019-01-08	House	Session Sine Die
2018-04-13	House	Rule 19(a) / Re-referred to Rules Committee
2018-04-12	House	To Income Tax Subcommittee
2018-03-21	House	Assigned to Revenue & Finance Committee
2018-02-02	House	Referred to Rules Committee
2018-02-02	House	First Reading
2018-02-02	House	Filed with the Clerk by Rep. Linda Chapa LaVia

Chapter	Article	Section	Citation Type	Statute Text
215	5	409.1	New Code	See Bill Text
35	5	221	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4535&GAID=14&DocTypeID=HB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/HB/10000HB4535.htm