IL HB0730

Extends the tax credit for historic structure restoration and preservation in River Edge Redevelopment Zones from January 1, 2018 to January 1, 2023.

Allows qualified taxpayers a tax credit equal to 25% of qualified expenditures incurred during the taxable year for restoration and preservation of qualified historic structures.

Requires qualified expenditures to total at least $5,000 and exceed 50% of the property's purchase price to qualify for the credit.

Department of Commerce and Economic Opportunity, in consultation with the Historic Preservation Agency, must approve rehabilitation plans and issue certificates; applicants may be charged up to 2% issuance fee.

Tax credit cannot reduce taxpayer liability below zero and applies to taxable years beginning on or after January 1, 2012.