Bill Text: IL SB1880 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Creates the Lincoln-Douglas Historic Tax Credit. Provides that a taxpayer is entitled to a credit of up to 25% of the qualified expenditures incurred by the taxpayer for a qualified rehabilitation of a historic structure located in a Lincoln-Douglas debate community. Effective immediately.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2021-04-16 - Rule 3-9(a) / Re-referred to Assignments [SB1880 Detail]
Download: Illinois-2021-SB1880-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 | ||||||||||||||||||||||||
5 | adding Section 232 as follows:
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6 | (35 ILCS 5/232 new) | ||||||||||||||||||||||||
7 | Sec. 232. Illinois Lincoln-Douglas Historic Tax Credit. | ||||||||||||||||||||||||
8 | (a) The purpose of the tax credit under this Section is to | ||||||||||||||||||||||||
9 | assist in the advancement of Lincoln-related tourism through | ||||||||||||||||||||||||
10 | the development of historic preservation districts that are | ||||||||||||||||||||||||
11 | located in Illinois communities that hosted the historic | ||||||||||||||||||||||||
12 | Lincoln-Douglas Debates of 1858. | ||||||||||||||||||||||||
13 | (b) For tax years ending on or after December 31, 2021, a | ||||||||||||||||||||||||
14 | taxpayer is entitled to a credit against the tax imposed by | ||||||||||||||||||||||||
15 | subsections (a) and (b) of Section 201 of this Act in an amount | ||||||||||||||||||||||||
16 | not to exceed 25% of the qualified expenditures incurred by | ||||||||||||||||||||||||
17 | the taxpayer for a qualified rehabilitation or development | ||||||||||||||||||||||||
18 | project of a certified historic structure located within a | ||||||||||||||||||||||||
19 | historic preservation district in a Lincoln-Douglas debate | ||||||||||||||||||||||||
20 | community. | ||||||||||||||||||||||||
21 | For the purposes of this Section, a "Lincoln-Douglas | ||||||||||||||||||||||||
22 | debate community" includes the following municipalities: | ||||||||||||||||||||||||
23 | Ottawa, Freeport, Jonesboro, Charleston, Galesburg, Quincy, |
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1 | and Alton. | ||||||
2 | (c) The Department of Commerce and Economic Opportunity, | ||||||
3 | in consultation with the Historic Preservation Agency, shall | ||||||
4 | adopt any necessary rules and guidelines in order to | ||||||
5 | administer the provisions of this Section. | ||||||
6 | (d) If the amount of the credit exceeds the tax liability | ||||||
7 | for the year, the excess may be carried forward and applied to | ||||||
8 | the tax liability of the 5 taxable years following the excess | ||||||
9 | credit year. The tax credit shall be applied to the earliest | ||||||
10 | year for which there is a tax liability. If there are credits | ||||||
11 | for more than one year that are available to offset a | ||||||
12 | liability, the earlier credit shall be applied first. In no | ||||||
13 | event shall a credit under this Section reduce the taxpayer's | ||||||
14 | liability to less than zero. | ||||||
15 | (e) This Section is exempt from the provisions of Section | ||||||
16 | 250.
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17 | Section 99. Effective date. This Act takes effect upon | ||||||
18 | becoming law.
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