IL SB1783

Extends the Illinois Historic Property Rehabilitation tax credit expiration date from January 1, 2018 to January 1, 2022 for qualified historic structures in River Edge Redevelopment Zones.

Provides a 25% tax credit against Illinois income tax for qualified expenditures of $5,000 or more that exceed 50% of the property purchase price during restoration and preservation projects.

Requires taxpayers to apply with the Department of Commerce and Economic Opportunity and obtain a certificate from the Historic Preservation Agency confirming the project meets federal Secretary of the Interior rehabilitation standards.

Allows an issuance fee up to 2% of the credit amount to be collected and deposited into the Historic Property Administrative Fund, split equally between the Department of Commerce and Economic Opportunity and the Historic Preservation Agency for administration costs.

Extends eligibility to property owners and any persons qualifying for the federal rehabilitation credit under Internal Revenue Code Section 47, including partners, S-corporation shareholders, and LLC members on a pro rata basis.