Bill > HB1147

This bill creates the Build Illinois Homes Tax Credit Act, which establishes a tax credit program designed to incentivize the development of low-income housing in Illinois. The bill allows owners of qualified low-income housing developments to receive tax credits against either the Illinois Income Tax or insurance premium taxes for a period of 6 taxable years beginning in 2026. The total annual allocation of credits is capped at $20 million, with 75.5% awarded by the Illinois Housing Development Authority and 24.5% by the City of Chicago Department of Housing. To be eligible, developments must meet federal low-income housing tax credit requirements and be subject to a restrictive covenant ensuring they remain affordable housing. Qualified taxpayers can claim credits up to their tax liability, with any excess credits able to be carried forward for up to 5 years. The bill requires detailed reporting to the General Assembly about the developments receiving credits, including information about geographic location, household types served, and affordability. The legislation aims to address housing needs by providing financial incentives for the creation and preservation of affordable housing in Illinois, with a focus on supporting developments that involve minority-owned businesses.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1147&GAID=18&DocTypeID=HB&SessionID=114&GA=104