INC TX-HISTORIC PRESERVATION Senate SponsorsSen. Cristina Castro, Elgie R. Sims, Jr., Mattie Hunter, Celina Villanueva and Karina Villa House Sponsors(Rep. Maura Hirschauer) 5/6/2022SenatePublic Act . . . . . . . . . 102-0741 35 ILCS 31/535 ILCS 31/1035 ILCS 31/2035 ILCS 31/2535 ILCS 5/228Amends the Historic Preservation Tax Credit Act. Provides that the aggregate amount of the credit may not exceed $3,000,000. Provides that credits may be awarded upon completion of the project and approval of a complete application (currently, review of the project). Provides that the taxpayer is not eligible to receive credits under that Act and as qualified River Edge Redevelopment Zone property for the same qualified expenditures or qualified rehabilitation plan. Makes various technical corrections concerning allocation of credits. Amends the Illinois Income Tax Act with respect to the Historic Preservation Tax Credit to include provisions concerning limited liability companies. Effective immediately.Senate Committee Amendment No. 1 Further amends the Historic Preservation Tax Credit Act to provide that the amount of qualified expenditures must (i) equal $5,000 or more and (ii) exceed the adjusted basis of the structure on the first day the qualified rehabilitation plan commenced (currently, the expenditures must (i) equal $5,000 or more or (ii) exceed the adjusted basis of the structure on the first day the qualified rehabilitation plan commenced). Makes various technical corrections. 2/26/2021SenateFiled with Secretary by Sen. Cristina Castro 2/26/2021SenateFirst Reading 2/26/2021SenateReferred to Assignments 3/9/2021SenateAssigned to Revenue 4/8/2021SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Cristina Castro 4/8/2021SenateSenate Committee Amendment No. 1 Referred to Assignments 4/13/2021SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue 4/14/2021SenateSenate Committee Amendment No. 1 Adopted 4/15/2021SenateDo Pass as Amended Revenue; 008-000-000 4/15/2021SenatePlaced on Calendar Order of 2nd Reading April 20, 2021 4/20/2021SenateSecond Reading 4/20/2021SenatePlaced on Calendar Order of 3rd Reading April 21, 2021 4/21/2021SenateAdded as Co-Sponsor Sen. Elgie R. Sims, Jr. 4/22/2021SenateAdded as Co-Sponsor Sen. Mattie Hunter 4/22/2021SenateAdded as Co-Sponsor Sen. Celina Villanueva 4/22/2021SenateAdded as Co-Sponsor Sen. Karina Villa 4/23/2021SenateThird Reading - Passed; 058-000-000 4/26/2021HouseArrived in House 5/4/2021HouseChief House Sponsor Rep. Maura Hirschauer 5/4/2021HouseFirst Reading 5/4/2021HouseReferred to Rules Committee 5/5/2021HouseAssigned to Revenue & Finance Committee 5/15/2021HouseRule 19(a) / Re-referred to Rules Committee 1/11/2022HouseAssigned to Revenue & Finance Committee 2/3/2022HouseTo Income Tax Subcommittee 2/17/2022HouseRecommends Do Pass Subcommittee/ Revenue & Finance Committee; 006-000-000 2/17/2022HouseReported Back To Revenue & Finance Committee; 2/17/2022HouseDo Pass / Short Debate Revenue & Finance Committee; 018-000-000 2/18/2022HousePlaced on Calendar 2nd Reading - Short Debate 3/22/2022HouseSecond Reading - Short Debate 3/22/2022HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/23/2022HouseThird Reading - Short Debate - Passed 112-000-000 3/23/2022SenatePassed Both Houses 4/21/2022SenateSent to the Governor 5/6/2022SenateGovernor Approved 5/6/2022SenateEffective Date May 6, 2022 5/6/2022SenatePublic Act . . . . . . . . . 102-0741