The Illinois State General Assembly has introduced Senate and House version bills (HB0586 and SB1366) that would create an Illinois state historic rehabilitation tax credit equal to 25% of the costs involved in rehabilitation of eligible historic properties. The proposed credit would be able to be used in conjunction with the 20% federal historic rehabilitation tax credit. The legislation would allow excess credits to be carried back and forward, as well as allow credits to be transferred, sold, or assigned.