Bill Text: IL HB4787 | 2017-2018 | 100th General Assembly | Introduced

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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: (Failed) 2019-01-08 - Session Sine Die [HB4787 Detail]

Download: Illinois-2017-HB4787-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB4787 Introduced , by Rep. Brian W. Stewart SYNOPSIS AS INTRODUCED:
35 ILCS 5/227 new
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.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by adding
Section 227 as follows:
(35 ILCS 5/227 new)
Sec. 227. Illinois Lincoln-Douglas Historic Tax Credit.
(a) The purpose of the tax credit under this Section is to
assist in the advancement of Lincoln-related tourism through
the development of historic preservation districts that are
located in Illinois communities that hosted the historic
Lincoln-Douglas Debates of 1858.
(b) For tax years ending on or after December 31, 2018, a
taxpayer is entitled to a credit against the tax imposed by
subsections (a) and (b) of Section 201 of this Act in an amount
not to exceed 25% of the qualified expenditures incurred by the
taxpayer for a qualified rehabilitation or development project
of a certified historic structure located within a historic
preservation district in a Lincoln-Douglas debate community.
For the purposes of this Section, a "Lincoln-Douglas debate
community" includes the following municipalities: Ottawa,
Freeport, Jonesboro, Charleston, Galesburg, Quincy, and Alton.
(c) The Department of Commerce and Economic Opportunity, in

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consultation with the Historic Preservation Agency, shall
adopt any necessary rules and guidelines in order to administer
the provisions of this Section.
(d) If the amount of the credit exceeds the tax liability
for the year, the excess may be carried forward and applied to
the tax liability of the 5 taxable years following the excess
credit year. The tax credit shall be applied to the earliest
year for which there is a tax liability. If there are credits
for more than one year that are available to offset a
liability, the earlier credit shall be applied first. In no
event shall a credit under this Section reduce the taxpayer's
liability to less than zero.
(e) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.