IL SB2990

Creates the Illinois Lincoln-Douglas Historic Tax Credit allowing taxpayers to claim up to 25% of qualified expenditures for rehabilitating or developing certified historic structures in historic preservation districts

Applies only to seven municipalities that hosted the 1858 Lincoln-Douglas Debates: Ottawa, Freeport, Jonesboro, Charleston, Galesburg, Quincy, and Alton

Tax credit takes effect for tax years ending on or after December 31, 2020

Unused credit amounts may be carried forward and applied to tax liability for up to 5 subsequent years

Department of Commerce and Economic Opportunity, in consultation with the Historic Preservation Agency, will adopt rules to administer the program