IL SB1767

Extends the historic preservation tax credit to apply for tax years beginning on or after January 1, 2017 and prior to January 1, 2023 (previously expired after December 31, 2015).

Allows qualified taxpayers to claim a tax credit equal to 25% of qualified expenditures for restoration and preservation of historic structures, with minimum expenditures of $5,000 and exceeding 50% of property purchase price.

Permits excess tax credits that exceed a taxpayer's income tax liability to be carried forward up to 10 years following the year the rehabilitation plan was placed in service.

Requires taxpayers to apply to the Department of Revenue within 6 months of the bill's effective date and obtain a certificate confirming eligible rehabilitation costs before claiming credits on tax returns.

Takes effect immediately upon becoming law.