SB3738

SB3738 amends the Illinois Housing Development Act and the Illinois Income Tax Act to extend the affordable housing donation tax credit program.

SB3738 extends the affordable housing donation tax credit program through the taxable year ending on December 31, 2036. The bill amends the Illinois Housing Development Act and the Illinois Income Tax Act to allow tax credits for donations to not-for-profit organizations for affordable housing projects, employer-assisted housing projects, general operating support, or technical assistance. The administrative housing agency reserves specific tax credits for approved projects. The City of Chicago receives 24.5% of the tax credits, and the Authority receives the balance.