IL SB3576

Creates the "Revitalizing Illinois Downtowns Tax Credit" allowing taxpayers to claim a credit equal to 20% of qualified conversion expenditures for converting office buildings to residential, retail, or other commercial use, effective for taxable years beginning January 1, 2025.

Limits the credit to $15,000 per taxpayer per year; if a conversion project spans multiple years, the total aggregate credit cannot exceed $15,000 per year for each project year.

Requires that converted buildings be at least 25 years old, meet green building standards (BREEAM, ENERGY STAR, LEED, Green Globes, or equivalent), and if converted to residential use, must have 20% of units as affordable housing for individuals earning 80% or less of median municipal income.

Mandates that any construction work be subject to a project labor agreement and caps total statewide credits awarded at $50,000,000 per State fiscal year on a first-come, first-served basis.

Allows unused credits to be carried forward for up to 5 taxable years following the year the excess credit is generated.