Bill Texts: IL SB1783 | 2017-2018 | 100th General Assembly

Bill Title: 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, 2021 (currently, December 31, 2017). Effective immediately.

Spectrum: Slight Partisan Bill (Democrat 15-8)

Status: (Passed) 2017-08-18 - Public Act . . . . . . . . . 100-0236 [SB1783 Detail]

Bill Drafts

RevisionDateFormatSourceView
Chaptered2017-08-21HTML/TextLinkView
Enrolled2017-05-30HTML/TextLinkView
Engrossed2017-05-05HTML/TextLinkView
Introduced2017-02-09HTML/TextLinkView

Amendments

AmendmentDateDispositionFormatSourceView
Senate Amendment 0012017-04-06ProposedHTML/TextLinkView

Supplemental Documents

TitleDescriptionDateFormatSourceView
No supplemental documents for Illinois SB1783 currently on file.

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