IL SB3738

Increases the affordable housing tax donation credit cap to $41,831,227 in fiscal year 2027, up from approximately $38 million under the previous 5% annual increase formula

Raises the annual growth rate for tax credit availability from 5% to 10% starting in fiscal year 2027

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

Maintains the existing allocation where the City of Chicago receives 24.5% of total tax credits and the Illinois Housing Development Authority receives the balance

Preserves set-asides of $2 million for employer-assisted housing projects and $1 million for general operating support and technical assistance