Illinois HB5203 introduces a tax credit for hotel renovations, allowing qualified taxpayers to claim 25% of renovation costs.
Illinois HB5203 amends the Illinois Income Tax Act to create a tax credit for hotel renovations. Qualified taxpayers can claim 25% of renovation costs incurred during the taxable year, up to a maximum of $500,000. To qualify, the renovation must use union labor and demonstrate increased costs due to tariffs on materials. The credit can be carried forward for up to five years if unused. The credit applies to taxable years starting after January 1, 2027, and before January 1, 2035.
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.