HB5730 - Bicentennial Mississippi River Region Redevelopment Historic Tax Credit Act

• Creates an income tax credit equal to 25% of qualified rehabilitation expenditures for historic structures located in 35 specified Illinois counties along the Mississippi River region, available for tax years 2019-2029.

• Requires eligible taxpayers to own or otherwise qualify under federal law for historic rehabilitation credits, with minimum expenditures of $5,000 that must exceed 50% of the property purchase price.

• Allows unused credits to be carried forward up to 10 years and carried back up to 3 years, with credits transferable to other taxpayers through written agreement with Department notification within 90 days.

• Limits total credits to $30 million for Madison, Rock Island, or Jo Daviess Counties and $15 million for any other qualified county.

• Requires Department of Commerce and Economic Opportunity application within 6 months of enactment, with certification by Historic Preservation Division of compliance with federal Secretary of Interior rehabilitation standards; includes up to 2% issuance fee split between Department and Division.