IL HB2429

Extends the tax credit deadline for historic property rehabilitation in River Edge Redevelopment Zones located in East St. Louis from January 1, 2022 to January 1, 2027.

Applies the extension to subsection (a-1) credits (for taxable years beginning January 1, 2018 and ending before the new deadline) and subsection (a-2) credits (for taxable years beginning January 1, 2021 and ending before the new deadline).

Maintains the 25% tax credit on qualified expenditures for restoration and preservation of certified historic structures, with minimum expenditures of $5,000 or more exceeding the adjusted basis of the property.

Allows excess credits that exceed tax liability to be carried forward and applied to subsequent taxable years, subject to a 5-year carryforward period.

Takes effect immediately upon becoming law.