Illinois Expands Historic Tax Credit to Entire State

Last week, Illinois Governor Bruce Rauner signed the Historic Preservation Tax Credit Act into law. This legislation expands the Illinois River’s Edge State Historic Tax Credit’s area of eligibility to include the entire state. It allows for a tax credit on 25% of eligible expenditures from the rehabilitation of a historic structure. Projects are capped at $3 million. A total of $15,000,000 in tax credits per year are available from 2019 to 2023. The full text of the law is available here.