Illinois Governor Signs Bill Instituting Cap for State HTC

Tuesday, May 10, 2022 - 11:00am

Illinois Gov. J.B. Pritzker signed legislation to institute a $3 million transaction cap for the state historic tax credit (HTC), while retaining the current $15 million annual statewide cap. S.B. 1711 also extends eligibility for the HTC to limited liability companies and provides clarity on how the credits can be granted to a partnership, limited liability partnership taxed as a partnership or other multiple owners of property.

The Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the incentive.