SB0240 increases the annual allocation for historic preservation tax credits in Illinois.
SB0240 amends the Historic Preservation Tax Credit Act to increase the annual allocation for tax credits from $25 million to $75 million for calendar years 2026 through 2028. The bill also authorizes the Division of Historic Preservation and Archaeology to allocate up to $25 million annually for calendar years 2024 and 2025. The bill prioritizes applications for projects in certain counties, previously owned by governmental entities, and located in low-income census tracts. It also requires the Director to request status reports and conduct site visits to inspect projects.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.