| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
1 | AN ACT concerning revenue.
| ||||||||||||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois, | ||||||||||||||||||||||||||||
3 | represented in the General Assembly:
| ||||||||||||||||||||||||||||
4 | Section 1. Short title. This Act may be cited as the | ||||||||||||||||||||||||||||
5 | Illinois Rehabilitation and Revitalization Tax Credit Act.
| ||||||||||||||||||||||||||||
6 | Section 5. Definitions. As used in this Section, unless the | ||||||||||||||||||||||||||||
7 | context clearly indicates otherwise: | ||||||||||||||||||||||||||||
8 | (a) "Agency" means the Historic Preservation Agency. | ||||||||||||||||||||||||||||
9 | (b) "Department" means the Department of Commerce and | ||||||||||||||||||||||||||||
10 | Economic Opportunity. | ||||||||||||||||||||||||||||
11 | (c) "Qualified expenditures" means all the costs and | ||||||||||||||||||||||||||||
12 | expenses defined as qualified rehabilitation expenditures | ||||||||||||||||||||||||||||
13 | under Section 47 of the federal Internal Revenue Code. | ||||||||||||||||||||||||||||
14 | Applicants may incur qualified expenditures, at their own risk, | ||||||||||||||||||||||||||||
15 | from the earlier of (i) the commencement of construction or | ||||||||||||||||||||||||||||
16 | (ii) one year prior to receipt of preliminary approval of an | ||||||||||||||||||||||||||||
17 | application pursuant to Section 40. | ||||||||||||||||||||||||||||
18 | (d) "Qualified structure" means any building located in | ||||||||||||||||||||||||||||
19 | Illinois that is defined as a certified historic structure | ||||||||||||||||||||||||||||
20 | under Section 47(c)(3) of the federal Internal Revenue Code. | ||||||||||||||||||||||||||||
21 | (e) "Qualified rehabilitation plan" means a proposed | ||||||||||||||||||||||||||||
22 | rehabilitation design that is approved by the Agency and | ||||||||||||||||||||||||||||
23 | certified by the National Park Service as being consistent with |
| |||||||
| |||||||
1 | the Secretary of the Interior's Standards for Rehabilitation, | ||||||
2 | as adopted by the United States Secretary of the Interior. | ||||||
3 | (f) "Qualified rehabilitation project" means a completed | ||||||
4 | rehabilitation project that is approved by the Agency and | ||||||
5 | certified by the National Park Service as being consistent with | ||||||
6 | the Secretary of the Interior's Standards for Rehabilitation, | ||||||
7 | as adopted by the United States Secretary of the Interior. | ||||||
8 | (g) "Qualified taxpayer" means any owner of the qualified | ||||||
9 | structure or any other person who may qualify for the federal | ||||||
10 | rehabilitation credit allowed by Section 47 of the federal | ||||||
11 | Internal Revenue Code. If the taxpayer is (i) a corporation | ||||||
12 | having an election in effect under Subchapter S of the federal | ||||||
13 | Internal Revenue Code, (ii) a partnership, or (iii) a limited | ||||||
14 | liability company, the credit provided by this subsection may | ||||||
15 | be claimed by the shareholders of the corporation, the partners | ||||||
16 | of the partnership, or the members of the limited liability | ||||||
17 | company in the same manner as those shareholders, partners, or | ||||||
18 | members account for their proportionate shares of the income or | ||||||
19 | losses of the corporation, partnership, or limited liability | ||||||
20 | company, or as provided in the bylaws or other executed | ||||||
21 | agreement of the corporation, partnership, or limited | ||||||
22 | liability company. Credits granted to a partnership, a limited | ||||||
23 | liability company taxed as a partnership, or other multiple | ||||||
24 | owners of property shall be passed through to the partners, | ||||||
25 | members, or owners respectively on a pro rata basis or pursuant | ||||||
26 | to an executed agreement among the partners, members, or owners |
| |||||||
| |||||||
1 | documenting any alternate distribution method. Nothing in this | ||||||
2 | Act is intended to prohibit a non-profit entity with a Section | ||||||
3 | 501(c)(3) designation under the federal Internal Revenue Code | ||||||
4 | from serving as a shareholder, partner, member or other owner | ||||||
5 | of a qualified taxpayer.
| ||||||
6 | Section 10. Functional obsolescence test. When the credits | ||||||
7 | requested with respect to a qualified rehabilitation plan are | ||||||
8 | $1,000,000 or more, the Department must confirm that the | ||||||
9 | property satisfies at least 2 of the following factors: | ||||||
10 | (1) Dilapidation. Dilapidation means that the primary | ||||||
11 | structural components of buildings or improvements on the | ||||||
12 | property are in an advanced state of disrepair or neglect | ||||||
13 | of necessary repairs such that a documented building | ||||||
14 | condition analysis determines that major repair is | ||||||
15 | required or the defects are so serious and so extensive | ||||||
16 | that the buildings must be removed. | ||||||
17 | (2) Obsolescence. Obsolescence means that the property | ||||||
18 | has fallen or is in the process of falling into disuse, | ||||||
19 | that structures on the property have become ill suited for | ||||||
20 | the original use, or both. | ||||||
21 | (3) Deterioration. Deterioration means: that buildings | ||||||
22 | located on the property contain defects including, but not | ||||||
23 | limited to, major defects in the secondary building | ||||||
24 | components such as doors, windows, porches, gutters and | ||||||
25 | downspouts, and fascia; that surface improvements, |
| |||||||
| |||||||
1 | roadways, alleys, curbs, gutters, sidewalks, off-street | ||||||
2 | parking, and surface storage areas evidence deterioration, | ||||||
3 | including, but not limited to, surface cracking, | ||||||
4 | crumbling, potholes, depressions, loose paving material, | ||||||
5 | or weeds protruding through paved surfaces; or that any | ||||||
6 | combination of these problems exists. | ||||||
7 | (4) Presence of structures below minimum code | ||||||
8 | standards. The property contains structures that do not | ||||||
9 | meet the standards of zoning, subdivision, building, fire, | ||||||
10 | and other governmental codes applicable to property, but | ||||||
11 | not including housing and property maintenance codes. | ||||||
12 | (5) Illegal use of individual structures. The use of | ||||||
13 | structures in violation of applicable federal, State, or | ||||||
14 | local laws, exclusive of those applicable to the presence | ||||||
15 | of structures below minimum code standards. | ||||||
16 | (6) Excessive vacancies. Buildings on the property are | ||||||
17 | unoccupied or underused and represent an adverse influence | ||||||
18 | on the area because of the frequency, extent, or duration | ||||||
19 | of the vacancies. | ||||||
20 | (7) Inadequate ventilation, natural light, or sanitary | ||||||
21 | facilities. Inadequate ventilation means the absence of | ||||||
22 | ventilation for air circulation in spaces or rooms that | ||||||
23 | lack windows or require the removal of dust, odor, gas, | ||||||
24 | smoke, or other noxious airborne materials. Inadequate | ||||||
25 | natural light means the absence of skylights or windows for | ||||||
26 | interior spaces or rooms or improper window sizes or |
| |||||||
| |||||||
1 | amounts as determined by room area to window area ratios. | ||||||
2 | Inadequate sanitary facilities refers to the absence or | ||||||
3 | inadequacy of garbage storage and enclosure, bathroom | ||||||
4 | facilities, hot water and kitchens, or structural | ||||||
5 | inadequacies preventing ingress and egress to and from all | ||||||
6 | rooms and units within a building. | ||||||
7 | (8) Inadequate utilities. Inadequate utilities are | ||||||
8 | underground and overhead utilities such as storm sewers and | ||||||
9 | storm drainage, sanitary sewers, water lines, and gas, | ||||||
10 | telephone, and electrical services that are: (1) of | ||||||
11 | insufficient capacity to serve the uses in the | ||||||
12 | redevelopment project area; (2) deteriorated, antiquated, | ||||||
13 | obsolete, or in disrepair; or (3) lacking within the | ||||||
14 | redevelopment project area.
| ||||||
15 | Section 15. Allowable credit. There shall be allowed a tax | ||||||
16 | credit against (i) the tax imposed by subsections (a) and (b) | ||||||
17 | of Section 201 of the Illinois Income Tax Act and (ii) the | ||||||
18 | taxes imposed under Sections 409, 413, 444, and 444.1 of the | ||||||
19 | Illinois Insurance Code in an aggregate amount equal to 20% of | ||||||
20 | qualified expenditures incurred by a qualified taxpayer | ||||||
21 | pursuant to a qualified rehabilitation plan on a qualified | ||||||
22 | structure, provided that the total amount of such qualified | ||||||
23 | expenditures exceeds the greater of $5,000 or the adjusted | ||||||
24 | basis of the property. A tax credit may be earned under this | ||||||
25 | Act during the period beginning January 1, 2016 and ending |
| |||||||
| |||||||
1 | December 31, 2020. While a tax credit may be earned before July | ||||||
2 | 1, 2017, no tax credit shall be actually issued by the | ||||||
3 | Department before July 1, 2017. While a tax credit must be | ||||||
4 | earned on or before December 31, 2020, a credit shall be | ||||||
5 | allowed after December 31, 2020 in accordance with the terms of | ||||||
6 | this Act. If the amount of any tax credit awarded under this | ||||||
7 | Act exceeds the taxpayer's tax liability for the year in which | ||||||
8 | the qualified rehabilitation project was placed in service, the | ||||||
9 | excess amount may be carried forward for deduction from the | ||||||
10 | taxpayer's tax liability in the next succeeding year or years | ||||||
11 | or may be carried back for deduction from the taxpayer's tax | ||||||
12 | liability for the immediately preceding year until the total | ||||||
13 | amount of the credit has been used, except that a credit may | ||||||
14 | not be carried forward for deduction after the fifth taxable | ||||||
15 | year after the taxable year in which the qualified | ||||||
16 | rehabilitation project was placed in service or carried back | ||||||
17 | for deduction more than one year before the taxable year in | ||||||
18 | which the qualified rehabilitation project was placed in | ||||||
19 | service.
| ||||||
20 | Section 20. Economic needs test. When the credits requested | ||||||
21 | with respect to a qualified rehabilitation plan will be | ||||||
22 | $1,000,000 or more, the Department shall evaluate whether, | ||||||
23 | without public intervention, the economic development project | ||||||
24 | would not otherwise benefit from private sector investment. The | ||||||
25 | Department shall have the power to adopt rules for such |
| |||||||
| |||||||
1 | evaluation purpose.
| ||||||
2 | Section 25. Transfer of credits. Any qualified taxpayer, | ||||||
3 | referred to in this Section as the assignor, may allocate, | ||||||
4 | sell, assign, convey, or otherwise transfer tax credits allowed | ||||||
5 | and earned under this Act, to any individual or entity, | ||||||
6 | including without limitation, a non-profit entity with a | ||||||
7 | Section 501(c)(3) designation under the federal Internal | ||||||
8 | Revenue Code. The individual or entity acquiring the credits, | ||||||
9 | referred to in this Section as the assignee, may use the amount | ||||||
10 | of the acquired credits to offset up to 100% of its tax | ||||||
11 | liability, if any, for either the taxable year in which the | ||||||
12 | qualified rehabilitation project was first placed into service | ||||||
13 | or the taxable year in which the credits were acquired, or any | ||||||
14 | years in between. Unused credit amounts may be carried forward | ||||||
15 | for up to 5 years and carried back for up to one year, except | ||||||
16 | that all credits must be claimed within 5 years after the tax | ||||||
17 | year in which the qualified rehabilitation project was first | ||||||
18 | placed into service. The assignor shall enter into a written | ||||||
19 | agreement with the assignee establishing the terms and | ||||||
20 | conditions of the agreement and shall perfect the transfer by | ||||||
21 | notifying the Department in writing within 30 calendar days | ||||||
22 | after the effective date of the transfer and shall provide any | ||||||
23 | information as may be required by the Department to administer | ||||||
24 | and carry out the provisions of this Section. The Department | ||||||
25 | shall develop a system to track the transfer of credits and to |
| |||||||
| |||||||
1 | certify the ownership of credits, and the Department may adopt | ||||||
2 | rules to permit verification of the ownership of credits but | ||||||
3 | shall not adopt any rules which unduly restrict or hinder the | ||||||
4 | transfer of credits. The assignee also may sell, assign, | ||||||
5 | convey, or otherwise transfer the credits, and the credits may | ||||||
6 | be transferred more than once. The credits may be bifurcated to | ||||||
7 | be transferred to more than one assignee. If credits that have | ||||||
8 | been transferred are subsequently reduced, adjusted, or | ||||||
9 | cancelled, in whole or in part, by the Department, the | ||||||
10 | Department of Revenue, or any other applicable government | ||||||
11 | agency, only the original qualified taxpayer that was awarded | ||||||
12 | the credits, and not any subsequent assignee of the credits, | ||||||
13 | shall be held liable to repay any amount of such reduction, | ||||||
14 | adjustment, or cancellation of the credits. The credits are not | ||||||
15 | subject to recapture.
| ||||||
16 | Section 30. Maximum limits. The credits awarded for each | ||||||
17 | qualified rehabilitation project shall be limited to a maximum | ||||||
18 | of $3,000,000. A qualified rehabilitation project shall not | ||||||
19 | receive credits pursuant to this Act if the qualified | ||||||
20 | rehabilitation project has received credits pursuant to the | ||||||
21 | River Edge Redevelopment Zone Act.
| ||||||
22 | Section 35. Maximum annual cap. The total amount of credits | ||||||
23 | approved by the Department under this Act may not exceed: (1) | ||||||
24 | $10,000,000 in Fiscal Year 2016; (2) $20,000,000 in Fiscal Year |
| |||||||
| |||||||
1 | 2017; (3) $30,000,000 in Fiscal Year 2018; (4) $40,000,000 for | ||||||
2 | Fiscal Year 2019; and (5) $50,000,000 for Fiscal Year 2020. If | ||||||
3 | the total amount of credits awarded in any of those fiscal | ||||||
4 | years is less than the maximum amount available for that fiscal | ||||||
5 | year, then the maximum amount available for the next fiscal | ||||||
6 | year shall be increased by the difference between the maximum | ||||||
7 | amount and the total amount awarded.
| ||||||
8 | Section 40. Application Process. | ||||||
9 | (a) To obtain the credits allowed under this Act, the | ||||||
10 | applicant shall submit an application for tax credits to the | ||||||
11 | Department. The Department shall prioritize each application | ||||||
12 | for review and approval in the order of the date on which the | ||||||
13 | application was postmarked, with the oldest postmarked date | ||||||
14 | receiving priority. Applications postmarked on the same day | ||||||
15 | shall go through a lottery process to determine the order in | ||||||
16 | which applications shall be received for approval. The | ||||||
17 | application shall be in such form as the Department and the | ||||||
18 | Agency shall reasonably require, and the application shall | ||||||
19 | include sufficient information to permit the Agency to approve, | ||||||
20 | approve with conditions, or reject the structure, | ||||||
21 | rehabilitation plan, or rehabilitation project. The Department | ||||||
22 | may charge an application fee of up to $1,000 per application | ||||||
23 | per project. All application fees will be deposited into the | ||||||
24 | Department's Administrative Fund, with the fee to be equally | ||||||
25 | divided between the Department and the Agency. |
| |||||||
| |||||||
1 | (b) To ensure that an applicant has sufficient ownership of | ||||||
2 | the qualified structure, each application shall include all of | ||||||
3 | the following: | ||||||
4 | (1) Proof of ownership or site control. Proof of | ||||||
5 | ownership shall include evidence that the applicant is the | ||||||
6 | fee simple owner of the qualified structure, such as a | ||||||
7 | warranty deed or a closing statement. Proof of site control | ||||||
8 | may be evidenced by a leasehold interest or an option to | ||||||
9 | acquire such an interest. If the applicant is in the | ||||||
10 | process of acquiring fee simple ownership, proof of site | ||||||
11 | control shall include an executed sales contract or an | ||||||
12 | executed option to purchase the qualified structure. | ||||||
13 | (2) The estimated qualified expenditures, the | ||||||
14 | anticipated total costs of the project, the adjusted basis | ||||||
15 | of the property, as shown by proof of actual acquisition | ||||||
16 | costs, the anticipated total labor costs, the estimated | ||||||
17 | project start date, and the estimated project completion | ||||||
18 | date. | ||||||
19 | (3) Proof that the property is a qualified structure as | ||||||
20 | defined in this Act or evidence that the necessary | ||||||
21 | documentation has been prepared for the property to become | ||||||
22 | a qualified structure, but a final determination of such | ||||||
23 | qualification shall not be a prerequisite for approval of | ||||||
24 | the preliminary application or the incurrence of qualified | ||||||
25 | expenditures. | ||||||
26 | (4) Any other information which the Department and the |
| |||||||
| |||||||
1 | Agency may reasonably require. | ||||||
2 | (c) If the Agency approves the applicant's rehabilitation | ||||||
3 | plan for a qualified structure as meeting the Secretary of | ||||||
4 | Interior's Standards for Rehabilitation and if the application | ||||||
5 | is otherwise complete, the plan shall be forwarded to the | ||||||
6 | National Park Service for review. If the National Park Service | ||||||
7 | certifies the rehabilitation plan, the plan shall be considered | ||||||
8 | qualified for this Act. The Department shall notify the | ||||||
9 | applicant in writing of the preliminary approval for an amount | ||||||
10 | of credits equal to the amount provided under this Section as | ||||||
11 | may be limited elsewhere in this Act. Such preliminary approval | ||||||
12 | requires full compliance thereafter with all other | ||||||
13 | requirements of law as a condition to any claim for such | ||||||
14 | credits. If the Agency or the National Park Service deems the | ||||||
15 | applicant's rehabilitation plan to not be qualified, or if the | ||||||
16 | application is not complete, the applicant shall be notified in | ||||||
17 | writing of the rejection of the application. Any rejected | ||||||
18 | application shall be removed from the review process. Rejected | ||||||
19 | applications shall lose priority in the review process. A | ||||||
20 | rejected application may be resubmitted, but shall be deemed to | ||||||
21 | be a new application for purposes of the priority procedures | ||||||
22 | described in this Section. | ||||||
23 | (d) Following approval of an application, the identity of | ||||||
24 | the applicant contained in such application shall not be | ||||||
25 | modified, except that: | ||||||
26 | (1) the applicant may add partners, members, or |
| |||||||
| |||||||
1 | shareholders as part of the ownership structure, so long as | ||||||
2 | the primary owner remains the same; however, prior to the | ||||||
3 | commencement of renovation and the expenditure of at least | ||||||
4 | 10% of the proposed rehabilitation budget, removal of the | ||||||
5 | principal for failure to perform duties and the appointment | ||||||
6 | of a new principal thereafter shall not constitute a change | ||||||
7 | of the principal; and | ||||||
8 | (2) the identity of the applicant may be changed if the | ||||||
9 | ownership of the project is changed due to a foreclosure, | ||||||
10 | deed in lieu of a foreclosure, or voluntary conveyance, or | ||||||
11 | a transfer in bankruptcy. | ||||||
12 | (e) In the event that the Department grants approval for | ||||||
13 | credits in any fiscal year equal to the maximum amount | ||||||
14 | available under this Act, all applicants with applications then | ||||||
15 | awaiting approval or thereafter submitted for approval shall be | ||||||
16 | notified by the Department that no additional credits shall be | ||||||
17 | approved during such fiscal year and shall be notified of the | ||||||
18 | priority given to such applicant's application then awaiting | ||||||
19 | approval. Those applications shall be kept on file by the | ||||||
20 | Department and shall be considered for approval for credits in | ||||||
21 | the order established in this Act in the event that additional | ||||||
22 | credits become available due to the rescission of preliminary | ||||||
23 | approvals or when a new fiscal year's allocation of credits | ||||||
24 | becomes available for approval. | ||||||
25 | (f) All applicants with applications receiving preliminary | ||||||
26 | approval on or after the effective date of this Act shall |
| |||||||
| |||||||
1 | commence rehabilitation within 2 years of the date of issue of | ||||||
2 | the letter from the Department granting preliminary approval | ||||||
3 | for credits. Commencement of rehabilitation means that, as of | ||||||
4 | the date in which actual physical work has begun, the applicant | ||||||
5 | has incurred no less than 10% of the estimated costs of | ||||||
6 | rehabilitation provided in the application. The applicant may | ||||||
7 | commence and incur qualified expenditures, at its own risk, | ||||||
8 | before the property becomes a qualified structure. If the | ||||||
9 | rehabilitation receives final approval under this Section, | ||||||
10 | including the necessary verification of the total costs and | ||||||
11 | expenses of rehabilitation, the applicant shall receive tax | ||||||
12 | credits for all qualified expenditures incurred within the time | ||||||
13 | periods allowed in this Act. If the Department determines that | ||||||
14 | an applicant has failed to comply with the requirements | ||||||
15 | provided under this Section, the preliminary approval for the | ||||||
16 | amount of credits for such applicant shall be rescinded and | ||||||
17 | such amount of credits shall then be included in the total | ||||||
18 | amount of credits from which preliminary approvals for other | ||||||
19 | projects may be granted. Any applicant whose preliminary | ||||||
20 | approval shall be rescinded shall be notified of such from the | ||||||
21 | Department and, upon receipt of such notice, may submit a new | ||||||
22 | application for the project but such application shall be | ||||||
23 | deemed to be a new application for purposes of the priority | ||||||
24 | procedures described in this Section. | ||||||
25 | (g) If the Agency approves the completed rehabilitation | ||||||
26 | project as meeting the Secretary of Interior's Standards for |
| |||||||
| |||||||
1 | Rehabilitation, the completed rehabilitation project shall be | ||||||
2 | forwarded to the National Park Service for review. If the | ||||||
3 | National Park Service certifies the completed rehabilitation | ||||||
4 | project, the project shall be considered qualified for this | ||||||
5 | Act. For qualified rehabilitation projects, the applicant | ||||||
6 | shall submit a cost certification, and when the credits | ||||||
7 | requested with respect to a qualified rehabilitation project | ||||||
8 | are $250,000 or more, the Department shall require an outside | ||||||
9 | audit of the cost certification. The Department shall determine | ||||||
10 | the amount of qualified expenditures and the amount of credits | ||||||
11 | to be issued to the applicant. The issuance of certificates of | ||||||
12 | credits to applicants shall be performed by the Department. The | ||||||
13 | Department shall coordinate with the Illinois Department of | ||||||
14 | Revenue to determine if the applicant has any outstanding | ||||||
15 | Illinois tax obligations that can be satisfied by the credits | ||||||
16 | to be issued. The Department shall inform the applicant of | ||||||
17 | final approval and of final credit amount by letter. An | ||||||
18 | issuance fee of up to 2% of the amount of the credits issued by | ||||||
19 | the tax credit certificate may be collected from the applicant | ||||||
20 | and remitted to the Department, to be deposited into the | ||||||
21 | Historic Property Administrative Fund, with the fee to be | ||||||
22 | divided equally between the Department and the Agency, for the | ||||||
23 | purpose of administering the Act. When the Department has | ||||||
24 | received the issuance fee from the applicant and deposited it | ||||||
25 | into the Historic Property Administrative Fund, the Department | ||||||
26 | shall issue the tax credit certificates to the applicant. The |
| |||||||
| |||||||
1 | taxpayer must attach the tax credit certificate to the tax | ||||||
2 | return on which the credits are to be claimed. | ||||||
3 | (h) In the event the amount of qualified expenditures | ||||||
4 | actually incurred by an applicant are more than those estimated | ||||||
5 | in its application, the applicant can submit a new application | ||||||
6 | for such excess amount of qualified expenditures on a form | ||||||
7 | prescribed by the Department, but that application shall be | ||||||
8 | deemed to be a new application for purposes of the priority | ||||||
9 | procedures described in this Act with respect to such excess | ||||||
10 | amount of qualified expenditures. Such applications shall be | ||||||
11 | automatically approved, subject only to availability of tax | ||||||
12 | credits and all provisions regarding priority provided in this | ||||||
13 | Act.
| ||||||
14 | Section 45. Biennial report; powers of the Department and | ||||||
15 | Agency. The Department shall determine, on a biennial basis | ||||||
16 | beginning at the end of the second fiscal year after the date | ||||||
17 | this Act takes effect, the overall economic impact to the State | ||||||
18 | from the qualified rehabilitation projects. The overall | ||||||
19 | economic impact shall include the number of jobs created. The | ||||||
20 | Department and the Agency are granted and have all the powers | ||||||
21 | necessary or convenient to carry out the provisions of this | ||||||
22 | Act, including, but not limited to, the power to promulgate | ||||||
23 | rules for the administration of this Act and the power to | ||||||
24 | establish application forms and other agreements.
|
| |||||||
| |||||||
1 | Section 50. Appeals process. Decisions of the National Park | ||||||
2 | Service on whether a structure, rehabilitation plan or | ||||||
3 | rehabilitation project meets the Secretary of the Interior's | ||||||
4 | Standards for Rehabilitation shall be considered final and | ||||||
5 | shall determine whether a structure, rehabilitation plan or | ||||||
6 | rehabilitation project is considered qualified for the | ||||||
7 | purposes of this Act. The applicant may appeal the decision of | ||||||
8 | the National Park Service in the manner described in 36 C.F.R. | ||||||
9 | 67 - Historic Preservation Certifications Pursuant to Sec. | ||||||
10 | 48(g) and Sec. 170(h) of the Internal Revenue Code of 1986, as | ||||||
11 | amended. The applicant may appeal any official decision other | ||||||
12 | than the qualification of the structure, rehabilitation plan, | ||||||
13 | or rehabilitation project to the Department with regard to an | ||||||
14 | application submitted under this Act to an independent, | ||||||
15 | third-party appeals officer to be identified by the Department | ||||||
16 | and the Agency. | ||||||
17 | Appeals must be submitted to the designated appeals officer | ||||||
18 | in writing within 30 days of receipt by the applicant of the | ||||||
19 | decision which is the subject of the appeal, and shall include | ||||||
20 | all information the applicant wishes the appeals officer to | ||||||
21 | consider in deciding the appeal. | ||||||
22 | Upon receipt of an appeal, the appeals officer shall notify | ||||||
23 | the Department and the Agency that an appeal is pending, | ||||||
24 | identify the decision being appealed and forward a copy of the | ||||||
25 | information submitted by the applicant. The Department or the | ||||||
26 | Agency, or both, may submit a written response to the appeal. |
| |||||||
| |||||||
1 | The applicant shall be entitled to one meeting with the | ||||||
2 | appeals officer to discuss the appeal, but the appeals officer | ||||||
3 | may schedule additional meetings at their discretion. The | ||||||
4 | Department and the Agency shall be permitted to appear at all | ||||||
5 | meetings. | ||||||
6 | The appeals officer shall consider the record of the | ||||||
7 | decision in question, any further written submissions by the | ||||||
8 | applicant, the Department, or the Agency, and other available | ||||||
9 | information and shall deliver a written decision to all parties | ||||||
10 | as promptly as circumstances permit. | ||||||
11 | Appeals under this Section constitute an administrative | ||||||
12 | review of the decision appealed from and are not conducted as | ||||||
13 | an adjudicative proceeding.
| ||||||
14 | Section 80. The Illinois Income Tax Act is amended by | ||||||
15 | adding Section 224 as follows:
| ||||||
16 | (35 ILCS 5/224 new) | ||||||
17 | Sec. 224. Rehabilitation and revitalization credit. For | ||||||
18 | tax years commencing on or after January 1, 2016, a taxpayer | ||||||
19 | who qualifies for a credit under the Illinois Rehabilitation | ||||||
20 | and Revitalization Tax Credit Act is entitled to a credit | ||||||
21 | against the taxes imposed under subsections (a) and (b) of | ||||||
22 | Section 201 of this Act. If the taxpayer is a partnership or | ||||||
23 | Subchapter S corporation, the credit shall be allowed to the | ||||||
24 | partners or shareholders in accordance with the determination |
| |||||||
| |||||||
1 | of income and distributive share of income under Sections 702 | ||||||
2 | and 704 and Subchapter S of the Internal Revenue Code or the | ||||||
3 | credit shall be allowed to the partners or shareholders | ||||||
4 | pursuant to an executed agreement among the partners or | ||||||
5 | shareholders documenting any alternate distribution method. | ||||||
6 | This Section is exempt from the provisions of Section 250 of | ||||||
7 | this Act.
| ||||||
8 | Section 85. The Illinois Insurance Code is amended by | ||||||
9 | adding Section 409.1 as follows:
| ||||||
10 | (215 ILCS 5/409.1 new) | ||||||
11 | Sec. 409.1. Rehabilitation and revitalization credit. For | ||||||
12 | taxes payable after January 1, 2016, credits may be granted | ||||||
13 | against the taxes imposed under Section 409, 413, 444, and | ||||||
14 | 444.1 of this Act as provided in the Illinois Rehabilitation | ||||||
15 | and Revitalization Tax Credit Act.
|