IL HB0149

Creates the Illinois State Property Revitalization Tax Credit Act, allowing a 30% tax credit on qualified expenditures for rehabilitation of former state-owned properties that previously employed over 100 workers.

Credits apply against Illinois income taxes and insurance company taxes, with individual project limits of $10,000,000 and aggregate limit of $40,000,000 statewide.

Requires applicants to comply with prevailing wage requirements, obtain department approval of rehabilitation plans, and can carry forward unused credits for up to 5 years or back one year.

Allows one-time transfer of credits to up to 4 transferees in the same tax year, with transferees unable to further transfer credits.

Amends the State Property Control Act to redefine "surplus real property" as property determined by agency heads to no longer serve their needs, and requires only 2 appraisals (instead of 3) with Executive Ethics Commission review if property sells below fair market value.