IL HB4596

Creates the Build Illinois Homes Tax Credit Act, providing tax credits to owners of qualified low-income housing developments against Illinois Income Tax or Illinois Insurance Code taxes

Authorizes $35 million in annual tax credit allocations, with 75.5% distributed by Illinois Housing Development Authority and 24.5% by Chicago Department of Housing

Credits are claimed ratably over a 10-year period beginning when the qualified development is placed in service, with unused credits carried forward up to 5 years

Qualified developments must meet federal low-income housing tax credit requirements under Section 42 of the Internal Revenue Code and have a recorded restrictive covenant

Requires annual reporting to the General Assembly on developments receiving credits, including geographic location, demographics served, income levels, and how projects address affordable housing needs