Illinois Legislation to Institute $3 Million Transaction Cap on State HTC Goes to Governor
Legislation to institute a $3 million transaction cap for the Illinois state historic tax credit (HTC) has been sent to the desk of Illinois Gov. J.B. Pritzker. S.B. 1711 would retain the current $15 million annual statewide cap and require the state to prioritize applications. Properties could not receive both the state HTC and the state’s River Edge HTC.
The Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the incentive.