Bill Text: IL SB1737 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Creates the Build Illinois Homes Tax Credit Act. Provides that owners of qualified low-income housing developments are eligible for credits against the taxes imposed by the Illinois Income Tax Act or taxes, penalties, fees, charges, and payments imposed by the Illinois Insurance Code. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Effective immediately.

Spectrum: Partisan Bill (Democrat 12-0)

Status: (Introduced) 2023-05-24 - Added as Co-Sponsor Sen. Rachel Ventura [SB1737 Detail]

Download: Illinois-2023-SB1737-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1737 Introduced 2/9/2023, by Sen. Mattie Hunter SYNOPSIS AS INTRODUCED:
New Act
35 ILCS 5/234 new
215 ILCS 5/409 from Ch. 73, par. 1021
215 ILCS 5/444 from Ch. 73, par. 1056
Creates the Build Illinois Homes Tax Credit Act. Provides that owners of qualified low-income housing developments are eligible for credits against the taxes imposed by the Illinois Income Tax Act or taxes, penalties, fees, charges, and payments imposed by the Illinois Insurance Code. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Effective immediately.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the Build
Illinois Homes Tax Credit Act.
Section 5. Definitions. As used in this Act, unless the
context clearly requires otherwise:
"Allocation" means an award of tax credits to the owner of
a qualified development in any allocation round, to be claimed
ratably annually over the credit period.
"Allocation round" means all allocations by the Authority
of credits under this Act to qualified developments in any
calendar year.
"Allocation schedule certification" means the
certification issued by the owner of a qualified development
or its designee pursuant to subsection (d) of Section 10 of
this Act.
"Authority" means:
(1) the Illinois Housing Development Authority; or
(2) the City of Chicago Department of Housing.
"Credit" means the credit allowed pursuant to this Act.
"Credit period" means the period of 10 taxable years
beginning with the taxable year in which a qualified

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development is placed in service. No credit period may include
a taxable year beginning prior to January 1, 2024. If a
qualified development consists of more than one building, the
qualified development is deemed to be placed in service in the
taxable year during which the last building of the qualified
development is placed in service.
"Department" means the Department of Revenue.
"Federal tax credit" means the federal low-income housing
tax credit provided by Section 42 of the federal Internal
Revenue Code, including federal low-income housing tax credits
issued pursuant to 26 U.S.C. 42(h)(3) and 26 U.S.C. 42(h)(4).
"Qualified allocation plan" means the qualified allocation
plan adopted by the Authority pursuant to Section 42(m) of the
federal Internal Revenue Code of 1986.
"Qualified basis" means the qualified basis of the
qualified development as determined pursuant to Section 42 of
the federal Internal Revenue Code of 1986.
"Qualified development" means a qualified low-income
housing project, as that term is defined in Section 42 of the
federal Internal Revenue Code of 1986, that is located in the
State and is determined to be eligible for the federal tax
credit set forth in Section 42 of the Internal Revenue Code.
"Qualified taxpayer" means an individual, person, firm,
corporation, or other entity that owns an interest, direct or
indirect, in a qualified development and is subject to any or
all of the following: (i) the taxes imposed by the Illinois

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Income Tax Act; or (ii) any privilege tax or retaliatory tax,
penalty, fee, charge or payment imposed by the Illinois
Insurance Code.
"State credit eligibility statement" means a statement
issued by the Authority under Section 7.
"State tax return" means the income tax return filed with
the Department or the privilege and retaliatory tax return
filed with the Department of Insurance, as applicable.
Section 7. State credit eligibility statements. A State
credit eligibility statement shall be issued by the Authority
with respect to each building within the qualified development
following construction or rehabilitation of the qualified
development certifying that each such building within that
qualified development qualifies for the credit and specifying:
(1) the calendar year in which the last building of
the qualified development was placed in service;
(2) the amount of the credit allowed for each year of
the credit period;
(3) the maximum qualified basis of the qualified
development taken into account in determining such annual
credit amount; and
(4) a unique identification number for each State
credit eligibility statement issued.
The State credit eligibility statement shall be issued by
the Authority simultaneously with IRS Form 8609 if the

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qualified development was also allocated federal tax credits.
The State credit eligibility statement shall include a
Section to be completed by the owner of the qualified
development annually for each year of the credit period
certifying that the qualified development was in conformance
with all compliance requirements. That certification shall be
filed with the project owner's State tax return annually of
each year of the credit period.
Section 10. Credit for low-income housing developments.
(a) The Authority shall include the credit in its annual
qualified allocation plan each year until expiration of this
Act. Each allocation round shall be simultaneous with
allocations of federal tax credits.
(b) For taxable years beginning on or after January 1,
2024, the Authority may allocate a credit to the owner of a
qualified development in any allocation round in an amount
determined by the Authority, subject to the following
guidelines:
(1) the Authority must find that the credit is
necessary for the financial feasibility of the qualified
development;
(2) the aggregate sum of credits allocated to
qualified developments in any allocation round shall not
exceed $35,000,000, plus the amount of unallocated
credits, if any, from the preceding allocation round, plus

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the amount of any credit recaptured or otherwise returned
to the Authority since the previous allocation round;
(3) of the $35,000,000 annual allocation: (i) 75.5% of
the available credits in each allocation round shall be
allocated by the Illinois Housing Development Authority,
plus any credits the Illinois Housing Development
Authority did not allocate from the previous allocation
round, plus the amount of any credits recaptured or
otherwise returned to the Illinois Housing Development
Authority since the previous allocation round; and (ii)
24.5% of the available credits in each allocation round
shall be allocated by the City of Chicago Department of
Housing, plus any credits the City of Chicago Department
of Housing did not allocate from the previous allocation
round, plus the amount of any credits recaptured or
otherwise returned to the City of Chicago Department of
Housing since the previous allocation round; and
(4) unless otherwise provided in this Act, or unless
the context clearly requires otherwise, the Authority must
determine eligibility for credits and allocate credits in
accordance with the standards and requirements set forth
in Section 42 of the federal Internal Revenue Code of
1986.
(c) For tax years during the credit period, any qualified
taxpayer is allowed a credit as provided in this Act against
any or all of the following: (i) the taxes imposed by

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subsections (a) and (b) of Section 201 of the Illinois Income
Tax Act; or (ii) any privilege tax or retaliatory tax,
penalty, fee, charge, or payment imposed under the Illinois
Insurance Code.
(d) If a taxpayer receiving an allocation of a credit is
(i) a corporation that has an election in effect under
Subchapter S of the federal Internal Revenue Code, (ii) a
partnership, or (iii) a limited liability company, that is
taxed as a partnership, the credit provided under this Act may
be claimed by the shareholders of the corporation, the
partners of the partnership, or the members of the limited
liability company (as those terms are defined under applicable
State law) in the same manner as those shareholders, partners,
or members account for their proportionate shares of the
income or losses of the corporation, partnership, or limited
liability company, or as provided in the bylaws or other
executed agreement of the corporation, partnership, or limited
liability company. Credits granted to a partnership, a limited
liability company taxed as a partnership, or other multiple
owners of property shall be passed through to the partners,
members, or owners respectively on a pro rata basis or
pursuant to an executed agreement among the partners, members,
or owners documenting any alternative distribution method. A
qualified taxpayer may claim a credit so long as its direct or
indirect interest in the qualified development is acquired
prior to the filing of its tax return claiming the credit. On

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or before February 28th following each year of the credit
period, the owner must submit an allocation schedule
certification in an electronic format prescribed by the
Department and the Department of Insurance to the Department
and the Department of Insurance detailing the amount of credit
allocated to each qualified taxpayer for the applicable year
and whether each qualified taxpayer intends to apply the
credit to income tax or insurance premium tax, or the owner
must notify the Department and the Department of Insurance
that it has assigned the duty of the allocation schedule
certification to its designee who must provide such allocation
schedule certification to the Department and the Department of
Insurance by the deadline. Such allocation schedule
certification may be amended in the event the State credit
eligibility statement for a project is received after the
deadline for filing the allocation schedule certification. Any
such amendment shall be filed prior to any taxpayer attempting
to claim tax credits associated with the applicable State
credit eligibility statement. Each qualified taxpayer is
allowed to claim its allocated amount of credit subject to any
restrictions set forth in this Section.
(e) No credit may be allocated pursuant to this Act unless
the qualified development is the subject of a recorded
restrictive covenant requiring the development to be
maintained and operated as a qualified development; this
requirement for a recorded restrictive covenant may be

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satisfied by the agreement for an extended low-income housing
commitment required for the federal tax credits as defined in
Section 42(h)(6)(B) of the federal Internal Revenue Code of
1986.
(f) If, during a taxable year, there is a determination
that no recorded restrictive covenant meeting the requirements
of subsection (e) was in effect as of the beginning of that
year, such determination shall not apply to any period before
that year and subsection (e) shall be applied without regard
to that determination if the failure is corrected within one
year from the date of the determination.
(g) In any year of the credit period, a qualified taxpayer
may claim the credit against the taxes imposed by the Illinois
Income Tax Act or the taxes, penalties, fees, charges, and
payments imposed by the Illinois Insurance Code. Any credit
amount that exceeds the tax due for a taxable year may be
carried forward as a credit against payments due for up to 5
taxable years following the taxable year in which the credit
is first claimed to which the credit relates. Credits that are
carried forward must be applied first to the earliest
reporting period possible. Credits that are initially claimed
against taxes imposed by the Illinois Income Tax Act may be
carried forward only against the taxpayer's future Illinois
Income Tax liability. Credits that are initially claimed
against taxes, penalties, fees, charges, and payments imposed
by the Illinois Insurance Code may be carried forward only

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against taxes, penalties, fees, charges, and payments imposed
by the Illinois Insurance Code. Credits that are not claimed
or carried forward may not be refunded to the taxpayer.
(h) By February 28, 2025 and by February 28 of each year
thereafter, the Authority shall provide to the Department and
the Department of Insurance an electronic file containing all
data related to all State credit eligibility statements issued
during the preceding year in the manner and form as provided by
the Department.
Section 15. Recapture. If, under Section 42 of the
Internal Revenue Code of 1986, a portion of any federal tax
credit claimed with respect to a qualified development is
required to be recaptured during the first 10 years after a
project is placed in service, then the Authority shall provide
written notice, upon a form created by the Authority, to the
owner of the qualified development, the Department and the
Department of Insurance of the amount to be recaptured and the
event triggering recapture. The Authority shall provide such
notice to the Department and Department of Insurance no
earlier than 6 months after the event triggering recapture to
allow the owner of the qualified development an opportunity to
correct this event. The amount of credit subject to recapture
shall be proportionately equal to the amount of the qualified
development's federal tax credits which are subject to
recapture. The Authority shall notify the qualified taxpayer

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that claimed the credit of the amount recaptured, and the
qualified taxpayer subject to recapture shall increase the
qualified taxpayer's tax by the amount of any credit
wrongfully claimed in the tax year the qualified taxpayer is
notified of the recapture. If multiple taxpayers claimed
credit with respect to the building for which credit is to be
recaptured, each of those taxpayers shall be liable for a
portion of the recapture equal to the percentages of credit
with respect to the building originally claimed by the
taxpayer.
Section 20. Filing requirements. An owner of a qualified
development that has received an allocation and each qualified
taxpayer claiming any portion of the credit must file with
their State tax returns a copy of the State credit eligibility
statement issued by the Authority for that qualified
development. A qualified taxpayer receiving an allocation of
credit through a pass-through entity shall attach to its State
tax return a copy of the Schedule K-1-P or other written
statement from the pass-through entity stating the portion of
the annual credit shown on the State credit eligibility
statement that is allocated to that partner, member or
shareholder for that taxable year. In addition, the owner of a
qualified development or its designee shall file a copy of the
allocation schedule certification prior to any tax return
being filed claiming a State credit for such qualified

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development.
Section 25. Rules. The Illinois Housing Development
Authority, the Department, and the Department of Insurance, in
consultation with each other, shall adopt such rules as are
necessary to carry out their respective responsibilities under
this Act.
Section 30. Compliance monitoring. The Authority, in
consultation with the Department, shall monitor and oversee
compliance with the provisions of this Act and shall report
specific occurrences of noncompliance to the Department and
the Department of Insurance.
Section 35. Report to the General Assembly.
(a) The Illinois Housing Development Authority and the
Chicago Department of Housing must, by February 28 of each
year following the annual allocation, provide a written report
to the General Assembly and must publish that report on their
websites.
(b) The report shall:
(1) set forth the number of qualified developments
that have been allocated tax credits under this Act during
the allocation year and the total number of units
supported by each qualified development;
(2) describe each qualified development that has been

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allocated tax credits under this Act including, without
limitation, the geographic location of the qualified
development, the household type and any specific
demographic information available about residents intended
to be served by the qualified development, the income
levels intended to be served by the qualified development,
and the rents or set-asides authorized for each qualified
development;
(3) provide housing market and demographic information
that demonstrates how the qualified developments supported
by the tax credits are addressing the need for affordable
housing within the communities they are intended to serve
as well as information about any remaining disparities in
the affordability of housing within those communities; and
(4) provide information on the percentage of qualified
developments allocated credits that received incentive
scoring points in the qualified allocation plan as a
result of the general contractor, property manager,
architect, or sponsor being certified under the Business
Enterprise Program for Minorities, Females, and Persons
with a Disability.
Section 40. Exempt from automatic sunset. The credit under
this Act is exempt from the provisions of Section 250 of the
Illinois Income Tax Act.

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Section 60. The Illinois Income Tax Act is amended by
adding Section 234 as follows:
(35 ILCS 5/234 new)
Sec. 234. Build Illinois Homes Tax Credit Act.
(a) For taxable years beginning on or after January 1,
2024, any eligible taxpayer with respect to a credit awarded
in accordance with the Build Illinois Homes Tax Credit Act
that is named on the allocation schedule certification for a
particular tax year is entitled to a credit against the taxes
imposed by subsections (a) and (b) of Section 201 as provided
in the Build Illinois Homes Tax Credit Act.
(b) The taxpayer shall attach a copy of the allocation
schedule certification and the State credit eligibility
certificate issued under the Build Illinois Homes Tax Credit
Act to the tax return on which the credits are to be claimed.
(c) If, during any taxable year, a taxpayer is notified of
a recapture of a credit previously claimed on a State income
tax return in accordance with the Build Illinois Homes Tax
Credit Act, the tax imposed under subsections (a) and (b) of
Section 201 for that taxpayer for that taxable year shall be
increased. The amount of the increase shall be determined by
(i) recomputing the Build Illinois Homes Tax Credit that would
have been allowed for the year in which the credit was
originally allowed by eliminating the recaptured amount from
such computation, and (ii) subtracting that recomputed credit

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from the amount of credit previously allowed. No Build
Illinois Homes tax Credit shall be allowed with respect to any
credit subject to a recapture notice for any taxable year
ending after the issuance of a recapture notice.
(d) This Section is exempt from the provisions of Section
250.
Section 65. The Illinois Insurance Code is amended by
changing Sections 409 and 444 as follows:
(215 ILCS 5/409) (from Ch. 73, par. 1021)
Sec. 409. Annual privilege tax payable by companies.
(1) As of January 1, 1999 for all health maintenance
organization premiums written; as of July 1, 1998 for all
premiums written as accident and health business, voluntary
health service plan business, dental service plan business, or
limited health service organization business; and as of
January 1, 1998 for all other types of insurance premiums
written, every company doing any form of insurance business in
this State, including, but not limited to, every risk
retention group, and excluding all fraternal benefit
societies, all farm mutual companies, all religious charitable
risk pooling trusts, and excluding all statutory residual
market and special purpose entities in which companies are
statutorily required to participate, whether incorporated or
otherwise, shall pay, for the privilege of doing business in

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this State, to the Director for the State treasury a State tax
equal to 0.5% of the net taxable premium written, together
with any amounts due under Section 444 of this Code, except
that the tax to be paid on any premium derived from any
accident and health insurance or on any insurance business
written by any company operating as a health maintenance
organization, voluntary health service plan, dental service
plan, or limited health service organization shall be equal to
0.4% of such net taxable premium written, together with any
amounts due under Section 444. Upon the failure of any company
to pay any such tax due, the Director may, by order, revoke or
suspend the company's certificate of authority after giving 20
days written notice to the company, or commence proceedings
for the suspension of business in this State under the
procedures set forth by Section 401.1 of this Code. The gross
taxable premium written shall be the gross amount of premiums
received on direct business during the calendar year on
contracts covering risks in this State, except premiums on
annuities, premiums on which State premium taxes are
prohibited by federal law, premiums paid by the State for
health care coverage for Medicaid eligible insureds as
described in Section 5-2 of the Illinois Public Aid Code,
premiums paid for health care services included as an element
of tuition charges at any university or college owned and
operated by the State of Illinois, premiums on group insurance
contracts under the State Employees Group Insurance Act of

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1971, and except premiums for deferred compensation plans for
employees of the State, units of local government, or school
districts. The net taxable premium shall be the gross taxable
premium written reduced only by the following:
(a) the amount of premiums returned thereon which
shall be limited to premiums returned during the same
preceding calendar year and shall not include the return
of cash surrender values or death benefits on life
policies including annuities;
(b) dividends on such direct business that have been
paid in cash, applied in reduction of premiums or left to
accumulate to the credit of policyholders or annuitants.
In the case of life insurance, no deduction shall be made
for the payment of deferred dividends paid in cash to
policyholders on maturing policies; dividends left to
accumulate to the credit of policyholders or annuitants
shall be included as gross taxable premium written when
such dividend accumulations are applied to purchase
paid-up insurance or to shorten the endowment or premium
paying period.
(2) The annual privilege tax payment due from a company
under subsection (4) of this Section may be reduced by: (a) the
excess amount, if any, by which the aggregate income taxes
paid by the company, on a cash basis, for the preceding
calendar year under Sections 601 and 803 of the Illinois
Income Tax Act exceed 1.5% of the company's net taxable

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premium written for that prior calendar year, as determined
under subsection (1) of this Section; and (b) the amount of any
fire department taxes paid by the company during the preceding
calendar year under Section 11-10-1 of the Illinois Municipal
Code. Any deductible amount or offset allowed under items (a)
and (b) of this subsection for any calendar year will not be
allowed as a deduction or offset against the company's
privilege tax liability for any other taxing period or
calendar year.
(3) If a company survives or was formed by a merger,
consolidation, reorganization, or reincorporation, the
premiums received and amounts returned or paid by all
companies party to the merger, consolidation, reorganization,
or reincorporation shall, for purposes of determining the
amount of the tax imposed by this Section, be regarded as
received, returned, or paid by the surviving or new company.
(4)(a) All companies subject to the provisions of this
Section shall make an annual return for the preceding calendar
year on or before March 15 setting forth such information on
such forms as the Director may reasonably require. Payments of
quarterly installments of the taxpayer's total estimated tax
for the current calendar year shall be due on or before April
15, June 15, September 15, and December 15 of such year, except
that all companies transacting insurance in this State whose
annual tax for the immediately preceding calendar year was
less than $5,000 shall make only an annual return. Failure of a

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company to make the annual payment, or to make the quarterly
payments, if required, of at least 25% of either (i) the total
tax paid during the previous calendar year or (ii) 80% of the
actual tax for the current calendar year shall subject it to
the penalty provisions set forth in Section 412 of this Code.
(b) Notwithstanding the foregoing provisions, no annual
return shall be required or made on March 15, 1998, under this
subsection. For the calendar year 1998:
(i) each health maintenance organization shall have no
estimated tax installments;
(ii) all companies subject to the tax as of July 1,
1998 as set forth in subsection (1) shall have estimated
tax installments due on September 15 and December 15 of
1998 which installments shall each amount to no less than
one-half of 80% of the actual tax on its net taxable
premium written during the period July 1, 1998, through
December 31, 1998; and
(iii) all other companies shall have estimated tax
installments due on June 15, September 15, and December 15
of 1998 which installments shall each amount to no less
than one-third of 80% of the actual tax on its net taxable
premium written during the calendar year 1998.
In the year 1999 and thereafter all companies shall make
annual and quarterly installments of their estimated tax as
provided by paragraph (a) of this subsection.
(5) In addition to the authority specifically granted

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under Article XXV of this Code, the Director shall have such
authority to adopt rules and establish forms as may be
reasonably necessary for purposes of determining the
allocation of Illinois corporate income taxes paid under
subsections (a) through (d) of Section 201 of the Illinois
Income Tax Act amongst members of a business group that files
an Illinois corporate income tax return on a unitary basis,
for purposes of regulating the amendment of tax returns, for
purposes of defining terms, and for purposes of enforcing the
provisions of Article XXV of this Code. The Director shall
also have authority to defer, waive, or abate the tax imposed
by this Section if in his opinion the company's solvency and
ability to meet its insured obligations would be immediately
threatened by payment of the tax due.
(6) This Section is subject to the provisions of Section
10 of the New Markets Development Program Act.
(7) This Section is subject to the provisions of the Build
Illinois Homes Tax Credit Act. For taxable years beginning on
or after January 1, 2024, qualified taxpayers are entitled to
claim credits against the taxes imposed by this Section as
provided in the Build Illinois Homes Tax Credit Act. Companies
claiming a credit under the Build Illinois Homes Tax Credit
Act are not required to pay any additional tax as a result of
claiming the credit. The credit may fully offset any amounts
imposed under this Section.
(Source: P.A. 97-813, eff. 7-13-12; 98-1169, eff. 1-9-15.)

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(215 ILCS 5/444) (from Ch. 73, par. 1056)
Sec. 444. Retaliation.
(1) Whenever the existing or future laws of any other
state or country shall require of companies incorporated or
organized under the laws of this State as a condition
precedent to their doing business in such other state or
country, compliance with laws, rules, regulations, and
prohibitions more onerous or burdensome than the rules and
regulations imposed by this State on foreign or alien
companies, or shall require any deposit of securities or other
obligations in such state or country, for the protection of
policyholders or otherwise or require of such companies or
agents thereof or brokers the payment of penalties, fees,
charges, or taxes greater than the penalties, fees, charges,
or taxes required in the aggregate for like purposes by this
Code or any other law of this State, of foreign or alien
companies, agents thereof or brokers, then such laws, rules,
regulations, and prohibitions of said other state or country
shall apply to companies incorporated or organized under the
laws of such state or country doing business in this State, and
all such companies, agents thereof, or brokers doing business
in this State, shall be required to make deposits, pay
penalties, fees, charges, and taxes, in amounts equal to those
required in the aggregate for like purposes of Illinois
companies doing business in such state or country, agents

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thereof or brokers. Whenever any other state or country shall
refuse to permit any insurance company incorporated or
organized under the laws of this State to transact business
according to its usual plan in such other state or country, the
director may, if satisfied that such company of this State is
solvent, properly managed, and can operate legally under the
laws of such other state or country, forthwith suspend or
cancel the license of every insurance company doing business
in this State which is incorporated or organized under the
laws of such other state or country to the extent that it
insures in this State against any of the risks or hazards which
are sought to be insured against by the company of this State
in such other state or country.
(2) The provisions of this Section shall not apply to
residual market or special purpose assessments or guaranty
fund or guaranty association assessments, both under the laws
of this State and under the laws of any other state or country,
and any tax offset or credit for any such assessment shall, for
purposes of this Section, be treated as a tax paid both under
the laws of this State and under the laws of any other state or
country.
(3) The terms "penalties", "fees", "charges", and "taxes"
in subsection (1) of this Section shall include: the
penalties, fees, charges, and taxes collected on a cash basis
under State law and referenced within Article XXV exclusive of
any items referenced by subsection (2) of this Section, but

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including any tax offset allowed under Section 531.13 of this
Code; the aggregate Illinois corporate income taxes paid under
Sections 601 and 803 of the Illinois Income Tax Act during the
calendar year for which the retaliatory tax calculation is
being made, less the recapture of any Illinois corporate
income tax cash refunds to the extent that the amount of tax
refunded was reported as part of the Illinois basis in the
calculation of the retaliatory tax for a prior tax year,
provided that such recaptured refund shall not exceed the
amount necessary for equivalence of the Illinois basis with
the state of incorporation basis in such tax year, and after
any tax offset allowed under Section 531.13 of this Code;
income or personal property taxes imposed by other states or
countries; penalties, fees, charges, and taxes of other states
or countries imposed for purposes like those of the penalties,
fees, charges, and taxes specified in Article XXV of this Code
exclusive of any item referenced in subsection (2) of this
Section; and any penalties, fees, charges, and taxes required
as a franchise, privilege, or licensing tax for conducting the
business of insurance whether calculated as a percentage of
income, gross receipts, premium, or otherwise.
(4) Nothing contained in this Section or Section 409 or
Section 444.1 is intended to authorize or expand any power of
local governmental units or municipalities to impose taxes,
fees, or charges.
(5) This Section is subject to the provisions of Section

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10 of the New Markets Development Program Act.
(6) This Section is subject to the provisions of the Build
Illinois Homes Tax Credit Act. For taxable years beginning on
or after January 1, 2024, qualified taxpayers are entitled to
claim credits against the taxes imposed by this Section as
provided in the Build Illinois Homes Tax Credit Act. Companies
claiming a credit under the Build Illinois Homes Tax Credit
Act are not required to pay any additional tax as a result of
claiming the credit. The credit may fully offset any amounts
imposed under this Section.
(Source: P.A. 98-1169, eff. 1-9-15.)