Illinois General Assembly - Full Text of SB2444
Illinois General Assembly

Previous General Assemblies

Full Text of SB2444  102nd General Assembly




SB2444 EngrossedLRB102 04120 HLH 14137 b

1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Income Tax Act is amended by
5changing Section 214 as follows:
6    (35 ILCS 5/214)
7    Sec. 214. Tax credit for affordable housing donations.
8    (a) Beginning with taxable years ending on or after
9December 31, 2001 and until the taxable year ending on
10December 31, 2026 December 31, 2021, a taxpayer who makes a
11donation under Section 7.28 of the Illinois Housing
12Development Act is entitled to a credit against the tax
13imposed by subsections (a) and (b) of Section 201 in an amount
14equal to 50% of the value of the donation. Partners,
15shareholders of subchapter S corporations, and owners of
16limited liability companies (if the limited liability company
17is treated as a partnership for purposes of federal and State
18income taxation) are entitled to a credit under this Section
19to be determined in accordance with the determination of
20income and distributive share of income under Sections 702 and
21703 and subchapter S of the Internal Revenue Code. Persons or
22entities not subject to the tax imposed by subsections (a) and
23(b) of Section 201 and who make a donation under Section 7.28



SB2444 Engrossed- 2 -LRB102 04120 HLH 14137 b

1of the Illinois Housing Development Act are entitled to a
2credit as described in this subsection and may transfer that
3credit as described in subsection (c).
4    (b) If the amount of the credit exceeds the tax liability
5for the year, the excess may be carried forward and applied to
6the tax liability of the 5 taxable years following the excess
7credit year. The tax credit shall be applied to the earliest
8year for which there is a tax liability. If there are credits
9for more than one year that are available to offset a
10liability, the earlier credit shall be applied first.
11    (c) The transfer of the tax credit allowed under this
12Section may be made (i) to the purchaser of land that has been
13designated solely for affordable housing projects in
14accordance with the Illinois Housing Development Act or (ii)
15to another donor who has also made a donation in accordance
16with Section 7.28 of the Illinois Housing Development Act.
17    (d) A taxpayer claiming the credit provided by this
18Section must maintain and record any information that the
19Department may require by regulation regarding the project for
20which the credit is claimed. When claiming the credit provided
21by this Section, the taxpayer must provide information
22regarding the taxpayer's donation to the project under the
23Illinois Housing Development Act.
24(Source: P.A. 99-915, eff. 12-20-16.)
25    Section 99. Effective date. This Act takes effect upon
26becoming law.