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IL HB5203

Bill

Official Source

Status

Introduced

2/5/2026

Primary Sponsor

Michael Kelly

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Creates a 25% income tax credit for hotel owners, operators, or managers on qualified renovation expenditures for Illinois hotel properties
  • Limits the credit to renovation costs that increased due to tariffs imposed on imported materials on or after January 1, 2025
  • Requires all construction and renovation work to be performed using union labor to qualify for the credit
  • Caps the credit at $500,000 per taxpayer per year, with unused credits carrying forward for up to 5 years
  • Applies to taxable years beginning January 1, 2027 through December 31, 2034

Legislative Description

INC TX-HOTEL RENOVATION

Last Action

Referred to Rules Committee

2/10/2026

Committee Referrals

Rules2/10/2026

Full Bill Text

No bill text available