Illinois House Bill 4703 (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]

Creates the Historic Preservation Tax Credit Supplemental Pilot Program Act. Provides that an income tax credit is granted to an eligible taxpayer who makes expenditures pursuant to a qualified rehabilitation plan for the rehabilitation of a historic structure located in Rock Island County. Provides that the credit is available for taxable years beginning on or after January 1, 2019 and ending on or before December 31, 2029. Provides that the credit is equal to 25% of the amount of the eligible expenditure. Contains provisions concerning eligible expenditures. Provides that eligible taxpayers must apply with the Department of Commerce and Economic Opportunity within 6 months after the effective date of the Act. Provides that the credit may be carried forward for up to 10 years and may be carried back for up to 3 years. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.

HISTORIC PRESERVATION CREDIT

Sen. Michael Halpin [D]

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

Chapter	Article	Section	Citation Type	Statute Text
35	5	227	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4703&GAID=14&DocTypeID=HB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/HB/10000HB4703.htm