Bill > SB3918

This bill, titled REVENUE-HOMEBUILDER CREDIT, aims to incentivize home builders in Illinois by providing them with tax benefits. Specifically, the Illinois Housing Development Authority (IHDA) will issue certificates to home builders who construct single-family homes, granting them exemptions from certain sales and use taxes, including the Retailers' Occupation Tax Act, the Use Tax Act, the Service Use Tax Act, and the Service Occupation Tax Act. Additionally, these builders will receive credit certifications that can be applied against their Illinois Income Tax liability. The bill also introduces a new section to the Illinois Income Tax Act that allows taxpayers who receive these credit certifications from the IHDA to claim a credit equal to 20% of the wages paid to their full-time or part-time employees, with provisions for carrying forward unused credits. Furthermore, the bill amends existing tax laws to exempt tangible personal property used in the construction of single-family homes by home builders who have received an exemption certificate from the IHDA, thereby reducing the tax burden on building materials.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=3918&GAID=18&DocTypeID=SB&SessionID=114&GA=104