IL SB0119

Extends the sunset date of the Historic Preservation Tax Credit from December 31, 2023 to December 31, 2028.

Increases the annual allocation of tax credits from $15,000,000 to $75,000,000 for each calendar year beginning January 1, 2024 through December 31, 2028.

Maintains the maximum credit per project at $3,000,000 equal to 25% of qualified rehabilitation expenditures.

Prioritizes credit allocations for structures in border counties with adjacent states offering historic credits, previously government-owned properties, low-income census tracts, projects involving community development entities or nonprofits, and disaster-declared areas.

Requires applicants to demonstrate financial viability within 12 months and secured financing within 24 months of allocation approval, with authority to rescind allocations for non-compliance.