Illinois · Historic Rehabilitation · IL-HIST-001
Historic Preservation Tax Credit
Publication revised September 24, 2026. Sourcebook page 101.
Credit amount / calculation
Credit based on qualified rehabilitation expenditures, subject to certification/allocation.
Business fit and eligible activity
Certified historic industrial properties can qualify for a state rehabilitation credit. Eligible property rehabilitation or redevelopment; not the cost of wood supplied to someone else's project.
Eligibility and practical use
The strongest fit is a fixed facility: an older mill, warehouse, factory, or contaminated industrial parcel that will be put back into productive use. Advance certification is especially important here.
Illustrative business benefit
Use-of-credit illustration, not an estimated award: assume the agency or completed tax form establishes a $1,000 credit for the qualifying activity described above. If sufficient eligible tax is due, a $1,000 credit available for current use reduces that tax by $1,000. If annual limits allow only $600, that is this year's saving; the other $400 survives only if the carryforward or transfer rules permit. Obtain the actual program calculation before estimating a project benefit.
Timing / first action
Seek approval before signing a purchase order, contract, lease or other binding commitment. Confirm the exact point at which a purchase order, contract, lease, or other binding commitment would make the project ineligible.
Official sources
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