Illinois HB4841 makes the tax credit for affordable housing donations permanent.
Illinois HB4841 amends the Illinois Income Tax Act to make the tax credit for affordable housing donations permanent. The 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 transferred to the purchaser of land designated for affordable housing projects or to another donor. The bill also allows excess credits to be carried forward for up to five years. This Act takes effect immediately.
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