IL HB1147

Creates the Build Illinois Homes Tax Credit Act providing state tax credits to owners of qualified low-income housing developments that also receive federal low-income housing tax credits under Section 42 of the Internal Revenue Code

Establishes a 6-year credit period beginning when a qualified development is placed in service, with credits available for taxable years starting January 1, 2026 through January 1, 2031

Caps annual credit allocation at $20,000,000, with 75.5% awarded by the Illinois Housing Development Authority and 24.5% awarded by the City of Chicago Department of Housing

Credits may be applied against either Illinois income taxes or insurance privilege/retaliatory taxes, with unused credits carrying forward for up to 5 years but not refundable

Requires annual reporting to the General Assembly on qualified developments including number of units, geographic locations, income levels served, and participation by minority/female/disabled-owned businesses