IL SB0062

Creates the Build Illinois Homes Tax Credit Act to provide 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 an annual allocation cap of $20,000,000 in credits for taxable years 2026-2030, with 75.5% awarded by the Illinois Housing Development Authority and 24.5% by the City of Chicago Department of Housing

Credits may be claimed over a 6-year period against either Illinois income taxes or insurance premium/privilege taxes, with excess credits carried forward up to 5 years

Requires developments to maintain recorded restrictive covenants ensuring continued operation as qualified low-income housing, with credit recapture provisions tied to federal tax credit recapture determinations

Mandates annual reporting to the General Assembly on credited developments, including geographic locations, income levels served, unit counts, and participation by minority, female, and disability-certified businesses