Illinois Legislation intended to attract private investors to historic rehabilitation

The Illinois Legislature is considering a bill that would allow Illinois historic rehabilitation tax credits to be sold or transferred. The bill, S.B. 2886, is designed to enhance the state’s Historic Rehabilitation Tax Credit Act by attracting more financial backing to historic rehabilitation projects through private investors. The program provides state tax credits equal to 25 percent of rehabilitation costs for qualifying historic properties in River Edge Development Zones. These zones include areas of Aurora, East St. Louis, Elgin, Rockford, and soon, Peoria. Under S.B. 2886, tax credit recipients would be allowed to assign the credit to more than one assignee, and the credits could be transferred more than once. Not-for-profits would be eligible to be assignors or assignees. The legislation would also allow any unused tax credits claimed by the assignee to be carried forward for as many as 10 years or carried back for one year under the bill. S.B. 2886 is under review in the House after the Senate passed the measure in March. A copy of the bill is available at http://www.historictaxcredits.com.

Novogradac

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