IL SB1925

Amends the Illinois Income Tax Act to create the Lincoln-Douglas Historic Tax Credit effective for tax years ending on or after December 31, 2019.

Provides taxpayers a credit of up to 25% of qualified expenditures for rehabilitation or development projects of certified historic structures located within historic preservation districts in Lincoln-Douglas debate communities.

Designates seven municipalities as Lincoln-Douglas debate communities: Ottawa, Freeport, Jonesboro, Charleston, Galesburg, Quincy, and Alton.

Allows excess credits to be carried forward and applied to tax liability for up to 5 following taxable years, with earlier credits applied first.

Directs the Department of Commerce and Economic Opportunity, in consultation with the Historic Preservation Agency, to adopt necessary rules and guidelines to administer the credit program.