Makes the tax credit for affordable housing donations permanent under the Illinois Income Tax Act.
The bill amends the Illinois Income Tax Act to make the tax credit for affordable housing donations permanent. This credit applies to donations made under Section 7.28 of the Illinois Housing Development Act, allowing taxpayers to claim a credit equal to 50% of the donation value. The credit can be carried forward if it exceeds the tax liability for the year, applied to the earliest year with a tax liability. The change takes effect immediately upon becoming law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.