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IL HB4841

Bill

Official Source

Status

Introduced

2/3/2026

Primary Sponsor

Martha Deuter

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Amends the Illinois Income Tax Act to make the tax credit for affordable housing donations permanent by removing the December 31, 2026 expiration date
  • Taxpayers who donate under Section 7.28 of the Illinois Housing Development Act receive a credit equal to 50% of the donation value against state income tax
  • Excess credits may be carried forward and applied to tax liability for up to 5 years following the year the excess credit was generated
  • Credits may be transferred to purchasers of land designated for affordable housing projects or to other qualifying donors
  • Takes effect immediately upon becoming law

Legislative Description

INC TX-AFFORDABLE HOUSING

Last Action

To Tax Policy: Other Taxes Subcommittee

2/26/2026

Committee Referrals

Tax Policy: Other Taxes2/26/2026
Revenue & Finance2/17/2026
Rules2/6/2026

Full Bill Text

No bill text available