IL HB4413

Increases the annual cap on Illinois affordable housing tax donation credits from $32,850,352 to $41,831,227 starting in State fiscal year 2027

Doubles the annual growth rate for the tax credit cap from 5% to 10% per fiscal year beginning in FY 2027

Extends the affordable housing donation income tax credit program by 10 years, from December 31, 2026 to December 31, 2036

Provides a 50% tax credit to taxpayers who donate money, securities, or property to not-for-profit sponsors for affordable housing projects, employer-assisted housing, or technical assistance

Allocates 24.5% of total tax credits to the City of Chicago, with the Illinois Housing Development Authority receiving the remaining balance