Illinois HB 3658: INC TX-DOWNTOWN CREDIT

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB3658

Introduced 2/18/2025, by Rep. Kimberly Du Buclet 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/246 new

 Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 20% of the qualified conversion expenditures incurred by a taxpayer for a qualified converted building. Effective immediately.

LRB104 09232 HLH 19289 b

A BILL FOR

HB3658LRB104 09232 HLH 19289 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 

5adding Section 246 as follows:

6 (35 ILCS 5/246 new)

7 Sec. 246. Revitalizing Illinois Downtowns Tax Credit. 

8 (a) As used in this Section:

9 "Qualified conversion expenditure" means any expenditure 

10that is incurred by the taxpayer in converting a building from 

11office use to residential, retail, or other commercial use and 

12that is properly chargeable to a capital account. "Qualified 

13expenditure" does not include the cost of acquisition of the 

14building or property to be converted, the cost to enlarge the 

15building, any expenditure that is allocable to a portion of 

16the property that is tax-exempt use property, or any 

17expenditure incurred by a lessee of a building on or after the 

18date on which the conversion is complete.

19 "Qualified converted building" means a building that meets 

20all of the following criteria:

21 (1) the building has been substantially converted from 

22 office use to residential, retail, or other commercial use 

23 by the qualified taxpayer;

HB3658- 2 -LRB104 09232 HLH 19289 b

1 (2) prior to the conversion described in item (1), the 

2 building was not used f