HB2754 Summary

• Extends the sunset date for the historic structure rehabilitation tax credit in River Edge Redevelopment Zones from January 1, 2017 to January 1, 2022.

• Allows the 25% income tax credit for qualified historic property restoration to be applied against Illinois Insurance Code privilege and retaliatory taxes (Sections 409, 413, 444, and 444.1) in addition to income tax liability.

• Permits transfer of the credit within one year after it is awarded, with transfers allowed only once.

• Allows excess credits to be carried forward for up to 5 taxable years following the year the excess credit is earned, with credits applied to the earliest year with available tax liability.

• Takes effect immediately upon becoming law.