SB3716 - Revitalizing Downtowns Tax Credit Act

• Creates a 25% income tax credit for qualified taxpayers converting office buildings to residential, retail, or other commercial use, with minimum qualified expenditures of $15,000.

• Applies to tax years beginning January 1, 2023 through December 31, 2025, with credits allowable against Illinois income tax liability and carryforward provisions for up to 10 years.

• Requires residential conversions to dedicate 20% or more of units as affordable housing (rent-restricted at 80% or less of municipal median income) and include written binding agreements for affordable housing financing.

• Caps total annual tax credits at $15,000,000 with a $3,000,000 maximum per single project; prioritizes projects in border counties with similar credits, government-owned buildings, low-income areas, and disaster zones.

• Mandates Capital Development Board administration including third-party cost certification by CPAs, biennial economic impact reporting, and applicant compliance monitoring with progress milestones at 12 and 18 months post-approval.