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IL SB2921
Bill
Status
Passed
12/20/2016
Primary Sponsor
Toi Hutchinson
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AI Summary
- Extends the tax credit for affordable housing donations from December 31, 2016 to December 31, 2021
- Allows taxpayers making donations under Section 7.28 of the Illinois Housing Development Act to claim a credit equal to 50% of the donation value against income tax liability
- Permits unused credits to be carried forward and applied to tax liability in the 5 taxable years following the year of excess credit
- Allows transfer of the tax credit to land purchasers for affordable housing projects or to other donors who have made qualifying donations
- Requires taxpayers claiming the credit to maintain documentation and provide information to the Department regarding their donation to the housing project
Legislative Description
UPIA-FAILURE TO FILE
Last Action
Public Act . . . . . . . . . 99-0915
12/20/2016
Committee Referrals
Rules6/30/2016
Executive5/18/2016
Rules4/22/2016
Revenue3/2/2016
Assignments2/18/2016
Full Bill Text
No bill text available