Illinois HB1147 creates a tax credit for low-income housing developments.
HB1147, known as the Build Illinois Homes Tax Credit Act, provides tax credits for qualified low-income housing developments in Illinois. Owners of these developments can claim credits against Illinois income taxes or insurance taxes. The credits are awarded by the Illinois Housing Development Authority or the City of Chicago Department of Housing. The bill outlines the eligibility criteria, credit calculation, and reporting requirements for these credits. It also includes provisions for recapture of credits if certain conditions are not met.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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