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Illinois Legislation Would Set Transaction Cap of $3 Million for State HTC

Tuesday, April 27, 2021 - 10:15AM

A bill in the Illinois Legislature would amend the state historic tax credit (HTC) to institute a $3 million transaction cap. H.B. 1711 would retain the $15 million annual statewide cap and require the state to prioritize applications that meet at least one in a series of qualifications. Properties could not receive both the state HTC and the state’s River Edge HTC. The changes would be authorized for taxable years beginning  on or after Jan. 1, 2019, through those ending on or before Dec. 31, 2023. Other legislation in Illinois would increase the annual state HTC cap to $45 million, create a Lincoln-Douglas state HTC for seven cities and extend the River Edge HTC for five years.

For news about state and federal HTC properties, as well as expert analysis on a range of affordable housing and community development tax incentives, subscribe to the Novogradac Journal of Tax Credits.

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