Illinois HB3658 creates a tax credit for converting office buildings into residential, retail, or commercial use.
HB3658 amends the Illinois Income Tax Act to establish a tax credit for converting office buildings into residential, retail, or commercial use. The credit is equal to 20% of qualified conversion expenditures, up to a maximum of $15,000 per taxpayer per year. To qualify, the building must have been in service for at least 25 years, be carbon neutral or certified under certain green building standards, and meet other specific criteria. The credit is subject to a binding state or local agreement for affordable housing and is awarded on a first-come, first-served basis.
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