Bill > HB4841

This bill permanently extends the Illinois Income Tax Act's provision for a tax credit for donations made to affordable housing projects, meaning this valuable tax incentive will no longer have an expiration date. Previously, this credit, which allows taxpayers to receive a credit equal to 50% of the value of their donation to qualifying affordable housing initiatives under the Illinois Housing Development Act, was set to expire at the end of 2026. The bill also clarifies that this tax credit is exempt from certain provisions outlined in Section 250 of the Act, ensuring its continued application.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=4841&GAID=18&DocTypeID=HB&SessionID=114&GA=104