Bill Title: Amends the Illinois Income Tax Act. Extends a tax credit allowable for qualified expenditures incurred by a qualified taxpayer in the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone to January 1, 2031 (currently, through January 1, 2022). Provides that, in order to qualify for such a tax credit, expenditures must: (i) equal $5,000 or more, (ii) exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins, and (iii) be a part of a qualified rehabilitation plan or phase of a qualified rehabilitation plan that received final approval to begin the expenditures no later than December 31, 2026 (currently, only (i) and (ii) are required). Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2021-05-15 - Rule 19(a) / Re-referred to Rules Committee [SB1823 Detail]

Text: Latest bill text (Engrossed) [HTML]

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