IL SB1880

Creates the Lincoln-Douglas Historic Tax Credit under the Illinois Income Tax Act, effective for tax years ending on or after December 31, 2021.

Provides taxpayers a credit of up to 25% of qualified expenditures for rehabilitation or development of certified historic structures located within historic preservation districts in seven municipalities: Ottawa, Freeport, Jonesboro, Charleston, Galesburg, Quincy, and Alton.

Purpose is to advance Lincoln-related tourism through historic preservation in Illinois communities that hosted the 1858 Lincoln-Douglas Debates.

Allows excess credits to be carried forward and applied to tax liability in the 5 taxable years following the year the excess credit occurs, with earlier credits applied first.

Department of Commerce and Economic Opportunity, in consultation with the Historic Preservation Agency, shall adopt necessary rules and guidelines to administer the tax credit.