HB4703 - Historic Preservation Tax Credit Supplemental Pilot Program Act

• Creates a 25% income tax credit for qualified taxpayers who rehabilitate certified historic structures located in Rock Island County for taxable years 2019-2029.

• Requires qualified expenditures to equal at least $5,000 and exceed 50% of the property purchase price, with rehabilitation approved by the Historic Preservation Agency and meeting federal Secretary of Interior standards.

• Allows taxpayers to carry credits forward up to 10 years or back up to 3 years, and permits transfer of unused credits to other taxpayers with written agreement and Department notification within 90 days.

• Caps total annual tax credits awarded at $10,000,000 and requires the Department of Commerce and Economic Opportunity to submit annual reports through 2029 evaluating the program's effectiveness in stimulating economic revitalization.

• Requires applications to the Department within 6 months of the Act's effective date; Department may collect up to 2% issuance fee split between Department and Historic Preservation Agency.