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IL HB4790
Bill
Status
Failed
1/7/2025
Primary Sponsor
Kimberly Du Buclet
Click for details
AI Summary
- Creates a tax credit equal to 20% of qualified conversion expenditures for converting office buildings to residential, retail, or other commercial use in Illinois.
- Applies to taxable years beginning on or after January 1, 2025, with a maximum credit of $15,000 per taxpayer per year, though multi-year projects may claim aggregate credits up to $15,000 per year.
- Requires buildings to be at least 25 years old, carbon neutral or certified under specified green building standards (LEED, ENERGY STAR, BREEAM, etc.), and if converted to residential use, must have 20% of units as affordable housing for those earning 80% or less of median municipality income.
- Limits total statewide credits awarded to $50,000,000 per fiscal year, awarded on a first-come, first-served basis.
- Excess credits not used in the current year may be carried forward up to 5 taxable years, and construction work must be subject to a project labor agreement.
Legislative Description
INC TX-DOWNTOWN CREDIT
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Rules4/5/2024
Revenue & Finance3/12/2024
Rules2/6/2024
Full Bill Text
No bill text available