SB1488 Summary

• Extends the Illinois historic property rehabilitation tax credit through January 1, 2018 (previously set to expire January 1, 2017) for qualified historic structures in River Edge Redevelopment Zones.

• Allows a tax credit equal to 25% of qualified expenditures for restoration and preservation, provided expenditures total at least $5,000 and exceed 50% of the property purchase price.

• Requires taxpayers to apply through the Department of Commerce and Economic Opportunity, with the Historic Preservation Agency determining compliance with federal rehabilitation standards.

• Establishes an issuance fee up to 2% of credited amounts to be deposited into the Historic Property Administrative Fund and split between administering agencies.

• Credits may be passed through to partners, shareholders, and limited liability company members on a pro rata basis or per an executed agreement among co-owners.