Illinois 2023-2024 Regular Session

Illinois House Bill HB1513 Compare Versions

Only one version of the bill is available at this time.

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1513 Introduced , by Rep. Jehan Gordon-Booth SYNOPSIS AS INTRODUCED: 35 ILCS 5/22835 ILCS 31/1035 ILCS 31/20 Amends the Historic Preservation Tax Credit Act. Extends the sunset of the credit to December 31, 2028 (currently, December 31, 2023). Provides that, in each calendar year beginning on or after January 1, 2024 and ending on or before December 31, 2028, the State Historic Preservation Office in the Department of Natural Resources is authorized to allocate $75,000,000 (currently, $15,000,000) in tax credits under the Act. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately. LRB103 04666 HLH 49674 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1513 Introduced , by Rep. Jehan Gordon-Booth SYNOPSIS AS INTRODUCED: 35 ILCS 5/22835 ILCS 31/1035 ILCS 31/20 35 ILCS 5/228 35 ILCS 31/10 35 ILCS 31/20 Amends the Historic Preservation Tax Credit Act. Extends the sunset of the credit to December 31, 2028 (currently, December 31, 2023). Provides that, in each calendar year beginning on or after January 1, 2024 and ending on or before December 31, 2028, the State Historic Preservation Office in the Department of Natural Resources is authorized to allocate $75,000,000 (currently, $15,000,000) in tax credits under the Act. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately. LRB103 04666 HLH 49674 b LRB103 04666 HLH 49674 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1513 Introduced , by Rep. Jehan Gordon-Booth SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/22835 ILCS 31/1035 ILCS 31/20 35 ILCS 5/228 35 ILCS 31/10 35 ILCS 31/20
4	4	35 ILCS 5/228
5	5	35 ILCS 31/10
6	6	35 ILCS 31/20
7	7	Amends the Historic Preservation Tax Credit Act. Extends the sunset of the credit to December 31, 2028 (currently, December 31, 2023). Provides that, in each calendar year beginning on or after January 1, 2024 and ending on or before December 31, 2028, the State Historic Preservation Office in the Department of Natural Resources is authorized to allocate $75,000,000 (currently, $15,000,000) in tax credits under the Act. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.
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13	13	1 AN ACT concerning revenue.
14	14	2 Be it enacted by the People of the State of Illinois,
15	15	3 represented in the General Assembly:
16	16	4 Section 5. The Illinois Income Tax Act is amended by
17	17	5 changing Section 228 as follows:
18	18	6 (35 ILCS 5/228)
19	19	7 Sec. 228. Historic preservation credit. For tax years
20	20	8 beginning on or after January 1, 2019 and ending on or before
21	21	9 December 31, 2028 December 31, 2023, a taxpayer who qualifies
22	22	10 for a credit under the Historic Preservation Tax Credit Act is
23	23	11 entitled to a credit against the taxes imposed under
24	24	12 subsections (a) and (b) of Section 201 of this Act as provided
25	25	13 in that Act. If the taxpayer is a partnership, Subchapter S
26	26	14 corporation, or a limited liability company the credit shall
27	27	15 be allowed to the partners, shareholders, or members in
28	28	16 accordance with the determination of income and distributive
29	29	17 share of income under Sections 702 and 704 and Subchapter S of
30	30	18 the Internal Revenue Code provided that credits granted to a
31	31	19 partnership, a limited liability company taxed as a
32	32	20 partnership, or other multiple owners of property shall be
33	33	21 passed through to the partners, members, or owners
34	34	22 respectively on a pro rata basis or pursuant to an executed
35	35	23 agreement among the partners, members, or owners documenting
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39	39	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1513 Introduced , by Rep. Jehan Gordon-Booth SYNOPSIS AS INTRODUCED:
40	40	35 ILCS 5/22835 ILCS 31/1035 ILCS 31/20 35 ILCS 5/228 35 ILCS 31/10 35 ILCS 31/20
41	41	35 ILCS 5/228
42	42	35 ILCS 31/10
43	43	35 ILCS 31/20
44	44	Amends the Historic Preservation Tax Credit Act. Extends the sunset of the credit to December 31, 2028 (currently, December 31, 2023). Provides that, in each calendar year beginning on or after January 1, 2024 and ending on or before December 31, 2028, the State Historic Preservation Office in the Department of Natural Resources is authorized to allocate $75,000,000 (currently, $15,000,000) in tax credits under the Act. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.
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47	47	A BILL FOR
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53	53	35 ILCS 5/228
54	54	35 ILCS 31/10
55	55	35 ILCS 31/20
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74	74	1 any alternate distribution method. If the amount of any tax
75	75	2 credit awarded under this Section exceeds the qualified
76	76	3 taxpayer's income tax liability for the year in which the
77	77	4 qualified rehabilitation plan was placed in service, the
78	78	5 excess amount may be carried forward as provided in the
79	79	6 Historic Preservation Tax Credit Act.
80	80	7 (Source: P.A. 101-81, eff. 7-12-19; 102-741, eff. 5-6-22.)
81	81	8 Section 10. The Historic Preservation Tax Credit Act is
82	82	9 amended by changing Sections 10 and 20 as follows:
83	83	10 (35 ILCS 31/10)
84	84	11 Sec. 10. Allowable credit.
85	85	12 (a) To the extent authorized by this Act, for taxable
86	86	13 years beginning on or after January 1, 2019 and ending on or
87	87	14 before December 31, 2028 December 31, 2023, there shall be
88	88	15 allowed a tax credit to the qualified taxpayer against the tax
89	89	16 imposed by subsections (a) and (b) of Section 201 of the
90	90	17 Illinois Income Tax Act in an aggregate amount equal to 25% of
91	91	18 qualified expenditures, but not to exceed $3,000,000, incurred
92	92	19 undertaking a qualified rehabilitation plan, provided that the
93	93	20 total amount of such expenditures must (i) equal $5,000 or
94	94	21 more and (ii) exceed the adjusted basis of the structure on the
95	95	22 first day the qualified rehabilitation plan commenced. If the
96	96	23 qualified rehabilitation plan spans multiple years, the
97	97	24 aggregate credit for the entire project shall be allowed in
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108	108	1 the last taxable year.
109	109	2 (b) To obtain a tax credit certificate pursuant to this
110	110	3 Section, the qualified taxpayer must apply with the Division.
111	111	4 The Division shall determine the amount of eligible
112	112	5 rehabilitation expenditures within 45 days after receipt of a
113	113	6 complete application. The taxpayer must provide to the
114	114	7 Division a third-party cost certification conducted by a
115	115	8 certified public accountant verifying (i) the qualified and
116	116	9 non-qualified rehabilitation expenses and (ii) that the
117	117	10 qualified expenditures exceed the adjusted basis of the
118	118	11 structure on the first day the qualified rehabilitation plan
119	119	12 commenced. The accountant shall provide appropriate review and
120	120	13 testing of invoices. The Division is authorized, but not
121	121	14 required, to accept this third-party cost certification to
122	122	15 determine the amount of qualified expenditures. The Division
123	123	16 and the National Park Service shall determine whether the
124	124	17 rehabilitation is consistent with the Standards of the
125	125	18 Secretary of the United States Department of the Interior.
126	126	19 (c) If the amount of any tax credit awarded under this Act
127	127	20 exceeds the qualified taxpayer's income tax liability for the
128	128	21 year in which the qualified rehabilitation plan was placed in
129	129	22 service, the excess amount may be carried forward for
130	130	23 deduction from the taxpayer's income tax liability in the next
131	131	24 succeeding year or years until the total amount of the credit
132	132	25 has been used, except that a credit may not be carried forward
133	133	26 for deduction after the tenth taxable year after the taxable
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144	144	1 year in which the qualified rehabilitation plan was placed in
145	145	2 service. Upon completion of the project and approval of the
146	146	3 complete application, the Division shall issue a single
147	147	4 certificate in the amount of the eligible credits equal to 25%
148	148	5 of the qualified expenditures incurred during the eligible
149	149	6 taxable years, not to exceed the lesser of the allocated
150	150	7 amount or $3,000,000 per single qualified rehabilitation plan.
151	151	8 Prior to the issuance of the tax credit certificate, the
152	152	9 qualified taxpayer must provide to the Division verification
153	153	10 that the rehabilitated structure is a qualified historic
154	154	11 structure. At the time the certificate is issued, an issuance
155	155	12 fee up to the maximum amount of 2% of the amount of the credits
156	156	13 issued by the certificate may be collected from the qualified
157	157	14 taxpayer to administer the Act. If collected, this issuance
158	158	15 fee shall be directed to the Division Historic Property
159	159	16 Administrative Fund or other such fund as appropriate for use
160	160	17 of the Division in the administration of the Historic
161	161	18 Preservation Tax Credit Program. The taxpayer must attach the
162	162	19 certificate or legal documentation of her or his proportional
163	163	20 share of the certificate to the tax return on which the credits
164	164	21 are to be claimed. The tax credit under this Section may not
165	165	22 reduce the taxpayer's liability to less than zero. If the
166	166	23 amount of the credit exceeds the tax liability for the year,
167	167	24 the excess credit may be carried forward and applied to the tax
168	168	25 liability of the 10 taxable years following the first excess
169	169	26 credit year. The taxpayer is not eligible to receive credits
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180	180	1 under this Section and under Section 221 of the Illinois
181	181	2 Income Tax Act for the same qualified expenditures or
182	182	3 qualified rehabilitation plan.
183	183	4 (d) If the taxpayer is (i) a corporation having an
184	184	5 election in effect under Subchapter S of the federal Internal
185	185	6 Revenue Code, (ii) a partnership, or (iii) a limited liability
186	186	7 company, the credit provided under this Act may be claimed by
187	187	8 the shareholders of the corporation, the partners of the
188	188	9 partnership, or the members of the limited liability company
189	189	10 in the same manner as those shareholders, partners, or members
190	190	11 account for their proportionate shares of the income or losses
191	191	12 of the corporation, partnership, or limited liability company,
192	192	13 or as provided in the bylaws or other executed agreement of the
193	193	14 corporation, partnership, or limited liability company.
194	194	15 Credits granted to a partnership, a limited liability company
195	195	16 taxed as a partnership, or other multiple owners of property
196	196	17 shall be passed through to the partners, members, or owners
197	197	18 respectively on a pro rata basis or pursuant to an executed
198	198	19 agreement among the partners, members, or owners documenting
199	199	20 any alternate distribution method.
200	200	21 (e) If a recapture event occurs during the recapture
201	201	22 period with respect to a qualified historic structure, then
202	202	23 for any taxable year in which the credits are allowed as
203	203	24 specified in this Act, the tax under the applicable Section of
204	204	25 this Act shall be increased by applying the recapture
205	205	26 percentage set forth below to the tax decrease resulting from
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216	216	1 the application of credits allowed under this Act to the
217	217	2 taxable year in question.
218	218	3 For the purposes of this subsection, the recapture
219	219	4 percentage shall be determined as follows:
220	220	5 (1) if the recapture event occurs within the first
221	221	6 year after commencement of the recapture period, then the
222	222	7 recapture percentage is 100%;
223	223	8 (2) if the recapture event occurs within the second
224	224	9 year after commencement of the recapture period, then the
225	225	10 recapture percentage is 80%;
226	226	11 (3) if the recapture event occurs within the third
227	227	12 year after commencement of the recapture period, then the
228	228	13 recapture percentage is 60%;
229	229	14 (4) if the recapture event occurs within the fourth
230	230	15 year after commencement of the recapture period, then the
231	231	16 recapture percentage is 40%; and
232	232	17 (5) if the recapture event occurs within the fifth
233	233	18 year after commencement of the recapture period, then the
234	234	19 recapture percentage is 20%.
235	235	20 In the case of any recapture event, the carryforwards
236	236	21 under this Act shall be adjusted by reason of such event.
237	237	22 (f) The Division may adopt rules to implement this Section
238	238	23 in addition to the rules expressly authorized herein.
239	239	24 (Source: P.A. 101-81, eff. 7-12-19; 102-741, eff. 5-6-22.)
240	240	25 (35 ILCS 31/20)
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251	251	1 Sec. 20. Limitations, reporting, and monitoring.
252	252	2 (a) In each every calendar year beginning on or after
253	253	3 January 1, 2019 and ending on or before December 31, 2023 that
254	254	4 this program is in effect, the Division is authorized to
255	255	5 allocate $15,000,000 in tax credits in addition to any
256	256	6 unallocated, returned, or rescinded allocations from previous
257	257	7 years, pursuant to qualified rehabilitation plans. In each
258	258	8 calendar year beginning on or after January 1, 2024 and ending
259	259	9 on or before December 31, 2028, the Division is authorized to
260	260	10 allocate $75,000,000 in tax credits in addition to any
261	261	11 unallocated, returned, or rescinded allocations from previous
262	262	12 years, pursuant to qualified rehabilitation plans. The
263	263	13 Division shall not allocate or award more than $3,000,000 in
264	264	14 tax credits with regard to a single qualified rehabilitation
265	265	15 plan. In allocating tax credits under this Act, the Division
266	266	16 must prioritize applications that meet one or more of the
267	267	17 following:
268	268	18 (1) the structure is located in a county that borders
269	269	19 a State with a historic income-producing property
270	270	20 rehabilitation credit;
271	271	21 (2) the structure was previously owned by a federal,
272	272	22 state, or local governmental entity for no less than 6
273	273	23 months;
274	274	24 (3) the structure is located in a census tract that
275	275	25 has a median family income at or below the State median
276	276	26 family income; data from the most recent 5-year estimate
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287	287	1 from the American Community Survey (ACS), published by the
288	288	2 U.S. Census Bureau, shall be used to determine
289	289	3 eligibility;
290	290	4 (4) the qualified rehabilitation plan includes in the
291	291	5 development partnership a Community Development Entity or
292	292	6 a low-profit (B Corporation) or not-for-profit
293	293	7 organization, as defined by Section 501(c)(3) of the
294	294	8 Internal Revenue Code; or
295	295	9 (5) the structure is located in an area declared under
296	296	10 an Emergency Declaration or Major Disaster Declaration
297	297	11 under the federal Robert T. Stafford Disaster Relief and
298	298	12 Emergency Assistance Act. The declaration must be no older
299	299	13 than 3 years at the time of application.
300	300	14 (b) The annual aggregate authorization of $15,000,000 set
301	301	15 forth in subsection (a) shall be allocated by the Division, in
302	302	16 such proportion as determined by the Director twice in each
303	303	17 calendar year that the program is in effect, provided that the
304	304	18 amount initially allocated by the Division for the first
305	305	19 calendar year application period shall not exceed 65% of the
306	306	20 total amount available for allocation. Any unallocated amount
307	307	21 remaining as of the end of the second application period of a
308	308	22 given calendar year shall be rolled over and added to the total
309	309	23 authorized amount for the next available calendar year. The
310	310	24 qualified rehabilitation plan must meet a readiness test, as
311	311	25 defined by the Division, in order for the application to
312	312	26 qualify. In any given application period, applications that
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323	323	1 qualify under this Act will be prioritized as set forth in
324	324	2 subsection (a) and placed in a queue based on the date and time
325	325	3 the application is received. Applicants whose applications
326	326	4 qualify but do not receive an allocation must reapply to be
327	327	5 considered in subsequent application periods.
328	328	6 (c) Subject to appropriation to the Division, moneys in
329	329	7 the Historic Property Administrative Fund shall be used, on a
330	330	8 biennial basis, beginning at the end of the second fiscal year
331	331	9 after the effective date of this Act, to hire a qualified third
332	332	10 party to prepare a biennial report to assess the overall
333	333	11 impact of this Act from the qualified rehabilitation plans
334	334	12 under this Act completed in that year and in previous years.
335	335	13 Baseline data of the metrics in the report shall be collected
336	336	14 at the initiation of a qualified rehabilitation plan. The
337	337	15 overall economic impact shall include at least:
338	338	16 (1) the number of applications, project locations, and
339	339	17 proposed use of qualified historic structures;
340	340	18 (2) the amount of credits awarded and the number and
341	341	19 location of projects receiving credit allocations;
342	342	20 (3) the status of ongoing projects and projected
343	343	21 qualifying expenditures for ongoing projects;
344	344	22 (4) for completed projects, the total amount of
345	345	23 qualifying rehabilitation expenditures and non-qualifying
346	346	24 expenditures, the number of housing units created and the
347	347	25 number of housing units that qualify as affordable, and
348	348	26 the total square footage rehabilitated and developed;
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359	359	1 (5) direct, indirect, and induced economic impacts;
360	360	2 (6) temporary, permanent, and construction jobs
361	361	3 created; and
362	362	4 (7) sales, income, and property tax generation before
363	363	5 construction, during construction, and after completion.
364	364	6 The report to the General Assembly shall be filed with the
365	365	7 Clerk of the House of Representatives and the Secretary of the
366	366	8 Senate in electronic form only, in the manner that the Clerk
367	367	9 and the Secretary shall direct.
368	368	10 (d) Any time prior to issuance of a tax credit
369	369	11 certificate, the Director of the Division, the State Historic
370	370	12 Preservation Officer, or staff of the Division may, upon
371	371	13 reasonable notice of not less than 3 business days, conduct a
372	372	14 site visit to the project to inspect and evaluate the project.
373	373	15 (e) Any time prior to the issuance of a tax credit
374	374	16 certificate, the Director may, upon reasonable notice of not
375	375	17 less than 30 calendar days, request a status report from the
376	376	18 Applicant consisting of information and updates relevant to
377	377	19 the status of the project. Status reports shall not be
378	378	20 requested more than twice yearly.
379	379	21 (f) In order to demonstrate sufficient evidence of
380	380	22 reviewable progress within 12 months after the date the
381	381	23 Applicant received notification of allocation from the
382	382	24 Division, the Director may require the Applicant to provide
383	383	25 all of the following:
384	384	26 (1) a viable financial plan which demonstrates by way
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395	395	1 of an executed agreement that all financing has been
396	396	2 secured for the project; such financing shall include, but
397	397	3 not be limited to, equity investment as demonstrated by
398	398	4 letters of commitment from the owner of the property,
399	399	5 investment partners, and equity investors;
400	400	6 (2) (blank); and
401	401	7 (3) all historic approvals, including all federal and
402	402	8 State rehabilitation documents required by the Division.
403	403	9 The Director shall review the submitted evidence and may
404	404	10 request additional documentation from the Applicant if
405	405	11 necessary. The Applicant will have 30 calendar days to provide
406	406	12 the information requested, otherwise the allocation may be
407	407	13 rescinded at the discretion of the Director.
408	408	14 (g) In order to demonstrate sufficient evidence of
409	409	15 reviewable progress within 24 months after the date the
410	410	16 application received notification of approval from the
411	411	17 Division, the Director may require the Applicant to provide
412	412	18 detailed evidence that the Applicant has secured and closed on
413	413	19 financing for the complete scope of rehabilitation for the
414	414	20 project. To demonstrate evidence that the Applicant has
415	415	21 secured and closed on financing, the Applicant will need to
416	416	22 provide signed and processed loan agreements, bank financing
417	417	23 documents or other legal and contractual evidence to
418	418	24 demonstrate that adequate financing is available to complete
419	419	25 the project. The Director shall review the submitted evidence
420	420	26 and may request additional documentation from the Applicant if
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431	431	1 necessary. The Applicant will have 30 calendar days to provide
432	432	2 the information requested, otherwise the allocation may be
433	433	3 rescinded at the discretion of the Director.
434	434	4 If the Applicant fails to document reviewable progress
435	435	5 within 24 months of approval, the Director may notify the
436	436	6 Applicant that the allocation is rescinded. However, should
437	437	7 financing and construction be imminent, the Director may elect
438	438	8 to grant the Applicant no more than 5 months to close on
439	439	9 financing and commence construction. If the Applicant fails to
440	440	10 meet these conditions in the required timeframe, the Director
441	441	11 shall notify the Applicant that the allocation is rescinded.
442	442	12 Any such rescinded allocation shall be added to the aggregate
443	443	13 amount of credits available for allocation for the year in
444	444	14 which the forfeiture occurred.
445	445	15 The amount of the qualified expenditures identified in the
446	446	16 qualified taxpayer's certification of completion and reflected
447	447	17 on the Historic Preservation Tax Credit certificate issued by
448	448	18 the Director is subject to inspection, examination, and audit
449	449	19 by the Department of Revenue.
450	450	20 The qualified taxpayer shall establish and maintain for a
451	451	21 period of 4 years following the effective date on a project tax
452	452	22 credit certificate such records as required by the Director.
453	453	23 Such records include, but are not limited to, records
454	454	24 documenting project expenditures and compliance with the U.S.
455	455	25 Secretary of the Interior's Standards. The qualified taxpayer
456	456	26 shall make such records available for review and verification
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467	467	1 by the Director, the State Historic Preservation Officer, the
468	468	2 Department of Revenue, or appropriate staff, as well as other
469	469	3 appropriate State agencies. In the event the Director
470	470	4 determines an Applicant has submitted a status report
471	471	5 containing erroneous information or data not supported by
472	472	6 records established and maintained under this Act, the
473	473	7 Director may, after providing notice, require the Applicant to
474	474	8 resubmit corrected reports.
475	475	9 (Source: P.A. 102-741, eff. 5-6-22.)
476	476	10 Section 99. Effective date. This Act takes effect upon
477	477	11 becoming law.
478	478
479	479
480	480
481	481
482	482
483	483	HB1513 - 13 - LRB103 04666 HLH 49674 b