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SB 240

PRESERVATION TAX CREDIT

104th Regular Session Introduced by Mike Halpin

Illinois SB 240 creates a state tax credit for property owners conducting historic preservation and rehabilitation projects to incentivize restoration of designated historic structures.

Rule 3-9(a) / Re-referred to Assignments
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Bill Summary · SB 240

Legislative bill overview

SB 240 establishes a tax credit program in Illinois for property owners who undertake historic preservation or rehabilitation projects. The bill incentivizes investment in maintaining and restoring designated historic structures by providing state tax credits against income or corporate tax liability. This mechanism aims to offset the higher costs associated with preserving older buildings to historical standards.

Why is this important

Historic preservation tax credits directly impact urban development patterns and property values, particularly in older neighborhoods and downtown districts. The program affects both individual property owners and real estate developers, potentially spurring economic activity while preserving architectural heritage and reducing urban sprawl. It also influences state tax revenue and budget allocation.

Potential points of contention

  • Tax revenue impact: Critics may argue the state loses tax revenue without guarantees that preservation would occur anyway, while supporters contend this generates economic activity and property tax increases
  • Program accessibility: Questions about whether credits benefit primarily wealthy owners of valuable properties versus incentivizing preservation of lesser-known structures in underserved communities
  • Definition and standards: Disagreement over which properties qualify as "historic" and what rehabilitation standards must be met, potentially creating bureaucratic complexity or limiting program scope

Compiled from official sources — confirm details with the bill’s official record.

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