Bill Text: IL HB0469 | 2009-2010 | 96th General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB0469 Detail]
Download: Illinois-2009-HB0469-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by adding | ||||||||||||||||||||||||
5 | Section 218 as follows:
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6 | (35 ILCS 5/218 new) | ||||||||||||||||||||||||
7 | Sec. 218. Historic preservation credit. | ||||||||||||||||||||||||
8 | (a) For taxable years ending on or after December 31, 2009, | ||||||||||||||||||||||||
9 | each taxpayer who makes an eligible expenditure during the | ||||||||||||||||||||||||
10 | taxable year for the rehabilitation of a qualified historic | ||||||||||||||||||||||||
11 | building is entitled to a credit against the tax imposed under | ||||||||||||||||||||||||
12 | subsections (a) and (b) of Section 201 in an amount equal to | ||||||||||||||||||||||||
13 | 25% of the total expenditures made during the taxable year for | ||||||||||||||||||||||||
14 | the rehabilitation that meets the standards consistent with | ||||||||||||||||||||||||
15 | those of the Secretary of the United States Department of the | ||||||||||||||||||||||||
16 | Interior for rehabilitation, as determined by the Historic | ||||||||||||||||||||||||
17 | Preservation Agency. | ||||||||||||||||||||||||
18 | (b) For the purpose of this Section: | ||||||||||||||||||||||||
19 | "Eligible expenditure" means an expenditure equal to at | ||||||||||||||||||||||||
20 | least 50% of the total basis in the property. | ||||||||||||||||||||||||
21 | "Qualified historic building" means a structure listed | ||||||||||||||||||||||||
22 | individually on the National Register of Historic Places, a | ||||||||||||||||||||||||
23 | contributing structure in a National Register historic |
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1 | district, or be located in a local historic district that is | ||||||
2 | certified by the United States Department of the Interior. | ||||||
3 | (c) For partners, shareholders of Subchapter S | ||||||
4 | corporations, and owners of limited liability companies, if the | ||||||
5 | liability company is treated as a partnership for purposes of | ||||||
6 | federal and State income taxation, there is allowed a credit | ||||||
7 | under this Section to be determined in accordance with the | ||||||
8 | determination of income and distributive share of income under | ||||||
9 | Sections 702 and 704 and Subchapter S of the Internal Revenue | ||||||
10 | Code. | ||||||
11 | (d) The credit under this Act may not reduce the taxpayer's | ||||||
12 | liability to less than zero. If the amount of the credit | ||||||
13 | exceeds the tax liability for the year, the excess may be (i) | ||||||
14 | carried back and applied to the tax liability of the 3 taxable | ||||||
15 | years preceding the excess credit year or (ii) carried forward | ||||||
16 | and applied to the tax liability of the 5 taxable years | ||||||
17 | following the excess credit year. The tax credit shall be | ||||||
18 | applied to the earliest year for which there is a tax | ||||||
19 | liability. If there are credits for more than one year that are | ||||||
20 | available to offset a liability, the earlier credit shall be | ||||||
21 | applied first. | ||||||
22 | (e) This Section is exempt from the provisions of Section | ||||||
23 | 250.
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24 | Section 99. Effective date. This Act takes effect upon | ||||||
25 | becoming law.
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