Illinois SB2476 creates a tax credit for converting office buildings to residential, retail, or commercial use.
Illinois SB2476 amends the Illinois Income Tax Act to introduce a tax credit for converting office buildings to residential, retail, or commercial use. The credit equals 20% of qualified conversion expenditures, up to $15,000 per year. The bill defines "qualified conversion expenditures" and "qualified converted building," including criteria such as the building's age and green building standards. The credit is effective for taxable years beginning on or after January 1, 2026.
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