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Illinois Legislation Would Increase State HTC Cap to $75 Million

Wednesday, January 31, 2024 - 12:46PM

A bill introduced in the Illinois General Assembly would increase the statewide cap for the state historic tax credit (HTC) from $15 million to $75 million over two years. S.B. 2880 would increase the cap to $25 million for 2024 and to $75 million for 2025 through 2028. The Illinois HTC is for 25% of qualified rehabilitation expenditures (QREs).

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

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