Illinois House Bill 469 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 4 2009 - 25% progression, died in committee
Action: 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Creates a tax credit, for taxable years ending on or after December 31, 2009, 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. Defines "eligible expenditure" as an expenditure equal to at least 50% of the total basis in the property. Defines "qualified historic building" as a structure listed individually on the National Register of Historic Places, a contributing structure in a National Register historic district, or be located in a local historic district that is certified by the United States Department of the Interior. Provides that the credit may be carried back for 3 years or carried forward for 5 years. Exempts the credit from the Act's sunset provisions. Effective immediately.

INC TX-HIST PRESERVATION CR

Rep. Jay Hoffman [D]

Date	Chamber	Action
2009-03-13		Rule 19(a) / Re-referred to Rules Committee
2009-02-09		Assigned to Revenue & Finance Committee
2009-02-04		Referred to Rules Committee
2009-02-04		First Reading
2009-02-04		Filed with the Clerk by Rep. Jay C. Hoffman

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=469&GAID=10&DocTypeID=HB&SessionID=76&GA=96
Text	https://www.ilga.gov/legislation/96/HB/09600HB0469.htm