Illinois Senate Bill 1743

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Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on February 9 2023 - 25% progression
Action: 2023-03-28 - Added as Chief Co-Sponsor Sen. Cristina Castro
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

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.

REVENUE-DOWNTOWNS CREDIT

Sen. Steve Stadelman [D]

Sen. Paul Faraci [D]

Sen. David Koehler [D]

Sen. Cristina Castro [D]

Date	Chamber	Action
2023-03-28	Senate	Added as Chief Co-Sponsor Sen. Cristina Castro
2023-03-10	Senate	Rule 3-9(a) / Re-referred to Assignments
2023-03-08	Senate	Added as Chief Co-Sponsor Sen. David Koehler
2023-02-21	Senate	Assigned to Revenue
2023-02-17	Senate	Added as Chief Co-Sponsor Sen. Paul Faraci
2023-02-09	Senate	Referred to Assignments
2023-02-09	Senate	First Reading
2023-02-09	Senate	Filed with Secretary by Sen. Steve Stadelman

Chapter	Article	Section	Citation Type	Statute Text
35	5	234	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1743&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB1743.htm