GA96HB469 96 HB 469 INC TX-HIST PRESERVATION CR Amends the Illinois Income Tax Act. Creates a tax credit, for taxable years ending on or after December 31, 2009, for taxpayers who make an eligible expenditure during the taxable year for the rehabilitation of a qualified historic building. Sets the credit at an amount equal to 25% of the total expenditures made during the taxable year for the rehabilitation. Defines "eligible expenditure" as an expenditure equal to at least 50% of the total basis in the property. Defines "qualified historic building" as a structure listed individually on the National Register of Historic Places, a contributing structure in a National Register historic district, or be located in a local historic district that is certified by the United States Department of the Interior. Provides that the credit may be carried back for 3 years or carried forward for 5 years. Exempts the credit from the Act's sunset provisions. Effective immediately. http://www.ilga.gov/legislation/BillStatus.asp?DocNum=469&GAID=10&DocTypeID=HB&LegId=40814&SessionID=76&GA=96 2009-02-04 00:00:00 House First Reading 1 1 2009-02-04 00:00:00 House Referred to Rules Committee 0 2 HRUL 2009-02-09 00:00:00 House Assigned to Revenue & Finance Committee 0 3 HREF 2009-03-13 00:00:00 House Rule 19(a) / Re-referred to Rules Committee 1 4 HRUL 2009-02-04 00:00:00 House Filed with the Clerk by Rep. Jay C. Hoffman 0 0 JayCHoffman House Chief Sponsor