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Legislation in Illinois Would Create Lincoln-Douglas HTC for Seven Cities

Tuesday, March 2, 2021 - 11:30AM

A bill in the Illinois state Senate would create a Lincoln-Douglas state historic tax credit (HTC), applicable to historic properties in seven cities. S.B. 1880 would create a 25% credit for qualified expenditures, effective immediately for the municipalities of Ottawa, Freeport, Jonesboro, Charleston, Galesburg, Quincy and Alton. The existing Illinois River Edge HTC applies to properties in five cities within the River Edge Redevelopment Zones.

The Novogradac Introduction to Tax Credits booklet has been updated to include changes for the HTC in 2017 federal tax reform, including the requirement that the credit be taking “ratably” over the five-year period.

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