IL HB3332

Creates a tax credit for residential rental property owners in Illinois who lease to qualified renters during the taxable year, effective for tax years beginning January 1, 2019 and later.

Credit amount equals 15% of the annual rent paid by a qualified renter to the property owner, applied against Illinois income tax liability.

Defines "qualified renter" as any person who has been convicted of a crime in Illinois or any other jurisdiction.

Allows excess credits exceeding annual tax liability to be carried forward and applied to tax liabilities in the following 5 taxable years, with earlier year credits applied first.

Takes effect immediately upon becoming law and is exempt from Section 250 of the Illinois Income Tax Act.