Illinois HB 3412: PRESERVING NEIGHBORHOODS ACT

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB3412

Introduced 2/18/2025, by Rep. Amy Elik 

SYNOPSIS AS INTRODUCED:

New Act

35 ILCS 5/246 new

 Creates the Preserving Illinois Neighborhoods Act. Provides that, for taxable years that begin on or after January 1, 2026 and end on or before December 31, 2031, qualified taxpayers who incur qualified new construction expenditures or qualified rehabilitation expenditures during the taxable year are entitled to a credit. Effective immediately.

LRB104 06143 HLH 18833 b

A BILL FOR

HB3412LRB104 06143 HLH 18833 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 1. Short title. This Act may be cited as the 

5Preserving Illinois Neighborhoods Act.

6 Section 5. Definitions.

7 "Department" means the Department of Commerce and Economic 

8Opportunity.

9 "Eligible property" means residential property that (i) 

10has a market value prior to the new construction or 

11rehabilitation of $300,000 or less, (ii) is located in a 

12qualified area, and (iii) has either (A) been vacant for at 

13least 2 years or (B) is or was occupied by a structure that has 

14been condemned by the unit of local government in which the 

15structure is located.

16 "Qualified area" means an area classified as an 

17underserved area, as defined in Section 5-5 of the Economic 

18Development for a Growing Economy Tax Credit Act, during the 

19taxable year.

20 "Qualified new construction expenditure" means an expense 

21incurred in connection with the construction of a qualified 

22new residence on eligible property, including, but not limited 

23to, an expense incurred for any of the following: site 

HB34