IL SB3233

Creates the Build Illinois Homes Tax Credit Act providing tax credits to owners of qualified low-income housing developments eligible for federal low-income housing tax credits under IRC Section 42.

Allows qualified taxpayers to claim credits against Illinois income tax or insurance privilege/retaliatory taxes, with a 6-year credit period beginning when the development is placed in service (no period before January 1, 2025).

Establishes $20,000,000 annual credit allocation with 75.5% reserved for Illinois Housing Development Authority and 24.5% for City of Chicago Department of Housing, plus carryover of unallocated or recaptured credits.

Requires owners to submit State credit eligibility statements and annual allocation schedule certifications detailing credit amounts allocated to qualified taxpayers; excess credits may be carried forward for 5 years but cannot be refunded.

Imposes 1% reservation fee on awarded credits for compliance monitoring and requires authorities to report annually to the General Assembly on awarded developments, units supported, and geographic/income information.