Bill > SB3738

This bill modifies the state's affordable housing tax donation program by increasing the total amount of tax credits available for donations to support affordable housing projects and extending the program's duration. Specifically, it raises the annual cap on these tax credits from $32,850,352 in fiscal years 2022 and 2023, which previously increased by 5% annually, to $41,831,227 starting in fiscal year 2027, with a larger 10% annual increase thereafter. Additionally, the bill extends the period during which taxpayers can claim this income tax credit, which is a credit against income tax for making qualifying donations to affordable housing initiatives, from its current expiration on December 31, 2026, to December 31, 2036. The program, administered by the Illinois Housing Development Authority and other designated agencies, allows for donations of money, securities, or property to not-for-profit sponsors for various affordable housing-related costs, including construction, rehabilitation, and operational support.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=3738&GAID=18&DocTypeID=SB&SessionID=114&GA=104