SB2032 - Illinois State Property Revitalization Tax Credit Act

• Creates a tax credit equal to 30% of qualified expenditures for rehabilitation of unused state-owned structures, applicable to Illinois Income Tax and Illinois Insurance Code taxes.

• Credits are capped at $10,000,000 per project and $40,000,000 aggregate statewide, with minimum qualified expenditures of $5,000 or the property's adjusted basis per structure.

• Requires Department of Commerce and Economic Opportunity approval of rehabilitation plans; applicants may incur costs at their own risk starting one year before preliminary approval.

• Allows one-time transfer of unused credits to up to 4 transferees in the same tax year; credits expire 5 years after award if not transferred and can be carried back 1 year or forward 5 years.

• Establishes application process with fees up to 1% of requested credits (minimum $1,000) and issuance fees up to 2%, with independent audits required for projects requesting $250,000 or more in credits.