IL HB3635

Creates an Illinois income tax credit for renters in taxable years beginning January 1, 2024 or later.

Married couples filing jointly receive a $1,000 credit; unmarried individual filers receive a $500 credit.

Qualifies taxpayers who paid rent on an Illinois personal residence for at least 6 months during the taxable year, are not claimed as dependents, and have federal adjusted gross income below $83,250 (married filing jointly) or $40,770 (unmarried).

Credit cannot reduce tax liability below zero and excess amounts cannot be refunded.

Takes effect immediately upon becoming law.