HB3566 Summary

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

• Allows taxpayers to claim the 25% rehabilitation credit against Illinois Insurance Code privilege and retaliatory taxes (Sections 409, 413, 444, and 444.1) in addition to income taxes.

• Permits the Historic Preservation Agency to issue pre-completion certifications confirming project eligibility for credits, contingent on completing work as proposed.

• Enables transferability of credits within one year of award to any individual or entity, with transferees retaining full credit rights including carry-forward provisions; credits may be allocated through multiple tiers of partnerships and S-corporations without counting as transfers.

• Allows unused credits to be carried forward for up to 5 taxable years following the year of excess, with the earliest year's liability applied first.