35 ILCS 5/228
For tax years beginning on or after January 1, 2019 and ending on or before December 31, 2028, a taxpayer who qualifies for a credit under the Historic Preservation Tax Credit Act is entitled to a credit against the taxes imposed under subsections (a) and (b) of Section 201 of this Act as provided in that Act. For taxable years ending before December 31, 2023, if the taxpayer is a partnership, Subchapter S corporation, or a limited liability company, the credit shall be allowed to the partners, shareholders, or members in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code provided that credits granted to a partnership, a limited liability company taxed as a partnership, or other multiple owners of property shall be passed through to the partners, members, or owners respectively on a pro rata basis or pursuant to an executed agreement among the partners, members, or owners documenting any alternate distribution method. For taxable years ending on or after December 31, 2023, if the taxpayer is a partnership or a Subchapter S corporation, then the provisions of Section 251 apply. If the amount of any tax credit awarded under this Section exceeds the qualified taxpayer's income tax liability for the year in which the qualified rehabilitation plan was placed in service, the excess amount may be carried forward as provided in the Historic Preservation Tax Credit Act.
35 ILCS 5/228