SB2080 Summary: Illinois Rehabilitation and Revitalization Tax Credit Act

• Creates a 20% tax credit against income and insurance taxes for qualified expenditures on certified historic structures, with minimum qualified expenditures exceeding $5,000 or the property's adjusted basis.

• Establishes annual credit caps: $10 million (FY2018), $20 million (FY2019), $30 million (FY2020), $40 million (FY2021), and $50 million (FY2022), with unused amounts rolling forward to subsequent years.

• Credits are limited to $3 million per project and may be transferred, sold, or assigned to other individuals or entities with carry-forward availability of up to 5 years and carry-back of 1 year.

• Requires rehabilitation plans to be approved by the Historic Preservation Agency and certified by the National Park Service as consistent with Secretary of Interior's Standards for Rehabilitation; projects requiring $1 million or more in credits must meet a functional obsolescence test and economic needs evaluation.

• Applicants must commence rehabilitation within 2 years of preliminary approval, with qualified expenditures incurred at their own risk beginning up to one year before application approval, and effective January 1, 2018.