SB 1743

  • Illinois Senate Bill
  • 103rd Regular Session
  • Introduced in Senate
  • Senate
  • House
  • Governor

Revenue-Downtowns Credit

Abstract

Creates the Revitalizing Downtowns Tax Credit Act. Creates an income tax credit in an aggregate amount equal to 25% of the qualified expenditures incurred by a qualified taxpayer undertaking a plan to substantially convert an office building from office use to residential, retail, or other commercial use. Provides that the total amount of such expenditures must equal $15,000 or more. Provides that, if the conversion is to residential use, then 20% or more of the residential housing units must be both rent-restricted and occupied by individuals whose income is 80% or less of the municipality's median gross income and the property must be subject to a written binding State or local agreement with respect to the provision of financing of affordable housing. Provides that the credit applies for tax years beginning on or after January 1, 2024 and ending on or before December 31, 2026. Amends the Illinois Income Tax to make conforming changes. Effective immediately.

Bill Sponsors (4)

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Mar 28, 2023

Senate

Added as Chief Co-Sponsor Sen. Cristina Castro

Mar 10, 2023

Senate

Rule 3-9(a) / Re-referred to Assignments

Mar 08, 2023

Senate

Added as Chief Co-Sponsor Sen. David Koehler

Feb 21, 2023

Senate

Assigned to Revenue

Feb 17, 2023

Senate

Added as Chief Co-Sponsor Sen. Paul Faraci

Feb 09, 2023

Senate

Filed with Secretary by Sen. Steve Stadelman

Senate

Referred to Assignments

Senate

First Reading

Bill Text

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