Bill Title: Creates the Illinois Rehabilitation and Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an aggregate amount equal to 20% of qualified expenditures incurred by a qualified taxpayer pursuant to a qualified rehabilitation plan on a qualified structure, provided that the total amount of such qualified expenditures exceeds the greater of $5,000 or the adjusted basis of the property. Provides that credits may be carried forward for a period of 5 years, or carried back for a period of one year. Provides that credits awarded for each qualified rehabilitation project shall be limited to a maximum of $3,000,000. Provides that credits may be assigned or transferred. Effective January 1, 2016.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee
[HB0240 Detail]
Bill Drafts
Revision | Date | Format | Source | View |
Introduced | 2015-01-21 | HTML/Text | Link | View |
Amendments
Amendment | Date | Disposition | Format | Source | View |
No bill amendments currently on file for Illinois HB0240 |
Supplemental Documents
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No supplemental documents for Illinois HB0240 currently on file. |
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