SB2869 Summary: Illinois Rehabilitation and Revitalization Tax Credit Act

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

• Credits apply against Illinois Income Tax Act and Illinois Insurance Code taxes, with a maximum of $3,000,000 per project and annual state caps ranging from $10,000,000 (FY2019) to $50,000,000 (FY2023).

• Rehabilitation plans must be approved by the Historic Preservation Agency and certified by the National Park Service as meeting the Secretary of the Interior's Standards for Rehabilitation.

• Credits may be transferred, sold, or assigned to any individual or entity, and excess credits can be carried forward up to 5 years or carried back 1 year.

• Establishes application process with priority based on postmark date, requires 10% of estimated rehabilitation costs to be incurred within 2 years of preliminary approval, and allows credits to be claimed from January 1, 2019 through December 31, 2022 (effective January 1, 2019).