Bill Title: Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 25% of qualified expenditures incurred by a qualified taxpayer during the taxable year in the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone pursuant to a qualified rehabilitation plan. Defines "qualified taxpayer, "qualified historic structure", and "qualified rehabilitation plan". Provides that the credit may be carried forward until the tenth taxable year after the qualified rehabilitation plan was placed in service. Amends the River Edge Redevelopment Zone Act. Provides that, until December 31, 2012, the Department may certify one additional River Edge Redevelopment Zone in the City of Peoria. Effective immediately.

Sponsorship: Partisan Bill (Democrat 2)

Status: (Failed) 2013-01-08 - Session Sine Die [HB3582 Detail]

Text: Latest bill text (Introduced) [HTML]

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