IL SB2883

Establishes an income tax credit for qualified businesses that install solar canopies or permeable parking surfaces during taxable years 2024-2028.

Permeable surface credit: $10 per square foot (minimum 100 sq ft), capped at $10,000 per taxpayer per year; solar canopy credit: $10 per kilowatt hour of energy produced, capped at $10,000 per taxpayer per year.

Only one credit awarded per contiguous parking area annually, with a statewide annual cap of $10,000,000 in total credits.

Unused credits may be carried forward up to 5 subsequent taxable years to offset tax liability.

Applies to qualified businesses owning or operating commercial/industrial facilities with 200+ parking spaces, or multifamily housing with 50+ parking spaces.