HB3025 Summary: School Building Rehabilitation Tax Credit Act

• Creates a 25% income tax credit for qualified taxpayers undertaking rehabilitation plans for vacant school buildings in Illinois for taxable years 2020-2024.

• Requires qualified expenditures to equal at least $5,000 or exceed the building's adjusted basis, with credits capped at $3,000,000 per project and $15,000,000 annually statewide.

• Excess credits can be carried forward for up to 10 years after the rehabilitation is placed in service.

• Imposes a 5-year recapture period with declining recapture percentages (100% to 20%) if the taxpayer fails to maintain the rehabilitated building in service or violates the rehabilitation plan.

• Prioritizes projects in low-income areas, formerly government-owned buildings, those involving nonprofits or Community Development Entities, and those in federally declared disaster areas.