HB3184 Summary: School Building Rehabilitation Tax Credit Act

• Provides a 25% income tax credit for qualified expenditures incurred by taxpayers rehabilitating vacant school buildings in Illinois for taxable years 2021-2025.

• Requires taxpayers to apply with the Department of Commerce and Economic Opportunity and provide third-party cost certification by a certified public accountant verifying qualified rehabilitation expenses.

• Limits total annual credits to $15,000,000 statewide with a maximum of $3,000,000 per single project, prioritizing projects in previously government-owned buildings, low-income areas, or those involving community development entities.

• Allows excess credits to be carried forward for up to 10 years and permits pass-through of credits to shareholders, partners, or members of S-corporations, partnerships, and limited liability companies.

• Imposes a 5-year recapture period during which taxpayers must maintain the rehabilitated building in service or face recapture of credits ranging from 100% (year one) to 20% (year five) of the tax benefits received.