Bill > SB2476

This bill amends the Illinois Income Tax Act to create a tax credit for property owners who convert older office buildings into residential, retail, or other commercial spaces. Specifically, the bill provides a tax credit equal to 20% of qualified conversion expenditures, with a maximum credit of $15,000 per taxpayer per year and a total statewide cap of $50 million annually. To qualify, the building must be at least 25 years old, previously used for office purposes, and meet specific criteria including green building standards and, if converted to residential use, include at least 20% affordable housing units. The credit can be carried forward for up to 5 years if it exceeds the taxpayer's current tax liability. Eligible conversions must also use a project labor agreement if construction work is involved, and the credit is available for taxable years beginning on or after January 1, 2026. The bill aims to incentivize the revitalization of downtown areas by encouraging the repurposing of older office buildings into more diverse and potentially more affordable spaces.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2476&GAID=18&DocTypeID=SB&SessionID=114&GA=104