Illinois HB 881: STATE GOVERNMENT-TECH

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 Full Text of HB0881

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 House Amendment 001 

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HB0881 EngrossedLRB104 04779 SPS 14806 b

1 AN ACT concerning State government.

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 Sections 214, 223, and 240 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, a taxpayer who makes a donation under 

11Section 7.28 of the Illinois Housing Development Act is 

12entitled to a credit against the tax imposed by subsections 

13(a) and (b) of Section 201 in an amount equal to 50% of the 

14value of the donation. For taxable years ending before 

15December 31, 2023, partners, shareholders of subchapter S 

16corporations, and owners of limited liability companies (if 

17the limited liability company is treated as a partnership for 

18purposes of federal and State income taxation) are entitled to 

19a credit under this Section to be determined in accordance 

20with the determination of income and distributive share of 

21income under Sections 702 and 703 and subchapter S of the 

22Internal Revenue Code. For taxable years ending on or after 

23December 31, 2023, partners and shareholders of subchapter S 

HB0881 Engrossed- 2 -LRB104 04779 SPS 14806 b

1corporations are entitled to a credit under this Section as 

2provided in Section 251. Persons or entities not subject to 

3the tax imposed by subsections (a) and (b) of Section 201 and 

4who make a donation under Section 7.28 of the Illinois Housing 

5Development Act are entit