SB1737 - Build Illinois Homes Tax Credit Act

• Creates a state tax credit for owners of qualified low-income housing developments that receive federal low-income housing tax credits under Section 42 of the Internal Revenue Code.

• Allows qualified taxpayers to claim credits against Illinois income taxes or insurance premium taxes, with unused credits allowed to carry forward up to 5 years.

• Establishes annual credit allocation of $35 million, with 75.5% allocated by the Illinois Housing Development Authority and 24.5% by the City of Chicago Department of Housing.

• Credits are claimed ratably over a 10-year credit period beginning when the qualified development is placed in service, with no credit periods beginning before January 1, 2024.

• Requires owners to file state credit eligibility statements with the Authority following construction and annual allocation schedule certifications by February 28 of each year, with recapture provisions tied to federal tax credit recapture events.