IL SB2912

Creates an income tax credit for qualified housing developers for taxable years ending December 31, 2024 through December 31, 2029.

Provides a credit equal to 1% of total development costs for new housing construction, or 5% for passive housing construction (housing meeting strict energy efficiency standards).

Caps total credits awarded annually at $50,000,000, distributed on a first-come, first-served basis.

Allows unused credits to carry forward up to 5 taxable years following the year the excess credit is earned.

Authorizes the Illinois Housing Development Authority to adopt emergency rules for implementation and requires developers to maintain records regarding their development projects.