IL HB4535

Extends the sunset date for the River Edge Redevelopment Zone historic property rehabilitation tax credit from December 31, 2021 to December 31, 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 tax.

Changes the expenditure threshold from 50% of purchase price to requiring qualified expenditures exceed the adjusted basis of the property on the first day the rehabilitation plan begins.

Requires rehabilitation approval by both the Historic Preservation Agency and the National Park Service (previously Historic Preservation Agency only).

Permits the Historic Preservation Agency to issue pre-completion certification that a project will qualify for credits, allows credits to be carried forward for up to 5 years, and enables one-time transfer of credits to other entities within one year of award.