SB2629 - Historic Preservation Tax Credit Act

• Creates a 25% income tax credit for qualified taxpayers who incur $5,000 or more in eligible restoration and preservation expenses on qualified historic structures.

• Allows unused credits to be carried forward for up to 10 years and permits taxpayers to sell, assign, or transfer credits to other taxpayers who can offset up to 100% of their income tax liability.

• Limits cumulative credits awarded per county to a maximum of $25,000,000 per year; disallowed credits due to this cap may be claimed in future years with extended claim periods.

• Applies to tax years commencing after December 31, 2009, and qualifies buildings listed on federal/state historic registers, Illinois Main Street registers, or local historic registers in home rule counties and municipalities.

• Requires the Department of Commerce and Economic Opportunity to prepare a biennial report beginning two years after enactment on the overall economic impact of rehabilitated eligible property.