HB4413 amends the Illinois Housing Development Act and the Illinois Income Tax Act to adjust the affordable housing tax donation credit program.
HB4413 modifies the Illinois Housing Development Act and the Illinois Income Tax Act to revise the affordable housing tax donation credit program. It sets a cap of $41,831,227 for credits awarded in State fiscal year 2027, increasing by 10% annually thereafter. The bill also extends the tax credit for donations to affordable housing projects through the taxable year ending December 31, 2036, and allows for the transfer of excess credits to subsequent tax years.
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