IL SB1823

Extends the tax credit period for qualified historic property rehabilitation in River Edge Redevelopment Zones from January 1, 2022 to January 1, 2027.

Allows a 25% income tax credit against qualified expenditures for restoration and preservation of certified historic structures, requiring minimum expenditures of $5,000 and exceeding the adjusted basis of the property.

Requires rehabilitation plans to receive final approval by December 31, 2026 to be eligible, with phased projects able to claim credits upon completion of each phase.

Limits total aggregate credits awarded under the Blue Collar Jobs Act to $20,000,000 per state fiscal year.

Requires Department of Natural Resources certification and allows an issuance fee up to 2% of credited amounts to administer the program and prepare biennial economic impact reports.