SB1711 Summary

• Allows a tax credit of 25% of qualified expenditures (capped at $3,000,000 per project) for rehabilitations of qualified historic structures in Illinois for tax years 2019-2023

• Requires qualified rehabilitation plans to be approved by the Department of Natural Resources and National Park Service as consistent with the Secretary of the Interior's Standards for Rehabilitation

• Authorizes the Division to allocate $15,000,000 in tax credits annually, with no more than $3,000,000 per single rehabilitation plan, prioritizing applications in economically disadvantaged areas, formerly government-owned properties, and disaster-declared areas

• Establishes a 5-year recapture period during which tax credits must be repaid on a sliding scale (100% to 20%) if the rehabilitated structure is not maintained, substantially altered, or transferred

• Requires applicants to demonstrate project readiness within 12 months and secure financing within 24 months of allocation approval, or face rescission of their credit allocation