Illinois Department of Revenue Rules State HTC Cannot be Transferred, but Can Be Claimed Later

Tuesday, March 5, 2019 - 10:15am

The Illinois Department of Revenue has released a decision that its River Edge Historic Preservation Tax Credit can’t be transferred, but that a taxpayer can file an amended state tax return to claim the credit within three years of the extended due date of the original return. The Department of Revenue ruled that transfers are not specifically authorized in the legislation that created the credit, so credits cannot be allocated to people who weren’t partnership members the year the credit-related expenses were incurred.