SB2440 - Build Illinois Homes Tax Credit Act

• Creates a state tax credit for owners of qualified low-income housing developments, administered by the Illinois Housing Development Authority and City of Chicago Department of Housing.

• Allocates $35,000,000 annually in tax credits, with 75.5% going to Illinois Housing Development Authority and 24.5% to City of Chicago Department of Housing.

• Credits are claimed ratably over a 10-year period beginning when the qualified development is placed in service, and can be applied against state income tax or insurance premium taxes.

• Requires qualified developments to meet federal low-income housing requirements under Section 42 of the Internal Revenue Code, with 25% of scoring points reserved for projects in opportunity areas or using community revitalization strategies.

• Allows unused credits to be carried forward for up to 5 years, with provisions for recapture if federal tax credits are reduced; becomes effective immediately upon passage.