Preserving Illinois Neighborhoods Act offers tax credits for new construction or rehabilitation of residential properties.
The Preserving Illinois Neighborhoods Act provides tax credits for qualified taxpayers who incur new construction or rehabilitation expenditures on residential properties. These credits apply to taxable years beginning on or after January 1, 2026, and ending on or before December 31, 2031. Eligible properties must be owner-occupied, not replacing historic structures, and located in underserved areas. The credits are calculated based on a percentage of the expenditures, with a cap of $5,000,000 in credits awarded annually. The act is set to be repealed on January 1, 2032.
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