Bill Text: IL SB3233 | 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: Strong Partisan Bill (Democrat 17-1)

Status: (Introduced) 2024-05-16 - Added as Co-Sponsor Sen. Ram Villivalam [SB3233 Detail]

Download: Illinois-2023-SB3233-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB3233 Introduced 2/6/2024, by Sen. Robert Peters SYNOPSIS AS INTRODUCED:
New Act
35 ILCS 5/241 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 schedule certification" means a certification
issued by the owner of a qualified development, or by the
owner's designee, under subsection (d) of Section 15 of this
Act. The certification shall include the following:
(1) the building identification number for each
building included in the qualified development;
(2) the calendar year in which the last building of
the qualified development was placed in service;
(3) the amount of the credit allowed for each year of
the credit period;
(4) the amount of credit allocated to each qualified
taxpayer for the qualified development for the applicable
tax year; and
(5) confirmation of whether each qualified taxpayer
elects to apply the credit to income tax or insurance
premium tax.

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"Authority" means:
(1) the Illinois Housing Development Authority; or
(2) the City of Chicago Department of Housing.
"Building identification number" means the number assigned
to a building within the qualified development by an Authority
when allocating the federal tax credit.
"Credit" means the credit allowed under this Act.
"Credit period" means a period of 6 taxable years
beginning with the taxable year in which a qualified
development is placed in service. No credit period may include
a taxable year beginning prior to January 1, 2025. If a
qualified development consists of more than one building, then
the qualified development is deemed to be placed in service in
the taxable year in 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 under 26 U.S.C. 42(h)(3) and 26 U.S.C. 42(h)(4).
"Qualified basis" means the qualified basis of the
qualified development as determined under 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

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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 a direct or indirect
interest in a qualified development and that is subject to the
taxes imposed by subsections (a) and (b) of Section 201 of the
Illinois Income Tax Act or any privilege tax or retaliatory
tax, penalty, fee, charge, or payment imposed by the Illinois
Insurance Code.
"Reservation letter" means a reservation letter issued by
the Illinois Housing Development Authority or a reservation
agreement issued by the City of Chicago Department of Housing.
"State credit eligibility statement" means a statement
issued by an Authority under Section 10 or documents submitted
in satisfaction of a statement as allowed under Section 10.
"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 10. State credit eligibility statements. Following
construction or rehabilitation of the qualified development,
the applicable Authority shall issue a State credit
eligibility statement with respect to each building located in
the qualified development certifying that the building
qualifies for the credit under this Act and specifying:
(1) the calendar year in which the last building of

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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;
(4) a building identification number; and
(5) that the qualified development is eligible for and
has applied to receive a federal tax credit.
The State credit eligibility statement shall be issued by
an Authority simultaneously with IRS Form 8609. An Authority
may issue, and the Department and Department of Insurance may
accept, an IRS Form 8609, including any additional statements
attached to the IRS Form 8609, and the reservation letter
issued by the Authority for the qualified development in
satisfaction of both federal requirements and the requirements
set forth in this Section.
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 conforms with all
compliance requirements, including all federal compliance
requirements for the federal tax credit. The State credit
eligibility statement shall be filed with the project owner's
State tax return annually for each year of the credit period.

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Section 15. Credit for low-income housing developments.
(a) For taxable years beginning on or after January 1,
2025, an Authority may award a credit to the owner of a
qualified development simultaneously with the federal tax
credit 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 amount of credits awarded to
qualified developments for each calendar year shall not
exceed $20,000,000, plus the amount of unallocated
credits, if any, from the preceding calendar year, plus
the amount of any credit recaptured or otherwise returned
to an Authority since the preceding calendar year;
(3) of the $20,000,000 annual allocation:
(A) 75.5% of the available credits for each
calendar year shall be awarded by the Illinois Housing
Development Authority, plus any credits the Illinois
Housing Development Authority did not award from prior
calendar years, plus the amount of any credits
recaptured or otherwise returned to the Illinois
Housing Development Authority from prior calendar
years; and
(B) 24.5% of the available credits in each
calendar year shall be awarded by the City of Chicago

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Department of Housing, plus any credits the City of
Chicago Department of Housing did not award from prior
calendar years, plus the amount of any credits
recaptured or otherwise returned to the City of
Chicago Department of Housing since the prior calendar
year; and
(4) unless otherwise provided in this Act, or unless
the context clearly requires otherwise, an Authority must
determine eligibility for credits and award credits in
accordance with the standards and requirements set forth
in Section 42 of the federal Internal Revenue Code of 1986
and, to the extent possible, use the same forms that are
used in administering the credit under Section 42 of the
federal Internal Revenue Code of 1986.
(b) For tax years during the credit period, any qualified
taxpayer is allowed a credit, as provided in this Act, against
either of the following: (i) the taxes imposed by 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.
(c) A qualified taxpayer may claim a credit under this Act
so long as the taxpayer's direct or indirect interest in the
qualified development is acquired prior to the filing of its
tax return claiming the credit. On or before March 31
following each year of the credit period, the owner must
submit to the Department, the Department of Insurance, and the

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applicable Authority an allocation schedule certification, in
an electronic format prescribed by the Department, the
Department of Insurance, and the Authority, respectively,
detailing the amount of the credit allocated to the qualified
taxpayer for the applicable year and stating whether the
qualified taxpayer has elected to claim the credit against the
taxpayer's State income tax or insurance privilege tax or
retaliatory tax liability. The taxpayer may assign to a
designee the duty of preparing and submitting the allocation
schedule certification. In that case, the designee must
provide the allocation schedule certification to the
Department, the Department of Insurance, and the applicable
Authority on or before the deadline for submission. The
qualified taxpayer must notify the Department, the Department
of Insurance, and the applicable Authority if it assigns that
duty to its designee.
The allocation schedule certification submitted under this
Section may be amended if the State credit eligibility
statement for a project is received after the deadline for
filing the allocation schedule certification. Any amendment to
an allocation schedule certification shall be filed before the
taxpayer attempts to claim tax credits associated with the
applicable State credit eligibility statement. Each qualified
taxpayer is allowed to claim its awarded amount of credit
subject to any restrictions set forth in this Section. If the
credit is to be taken against the income tax and the qualified

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taxpayer is a pass-through entity, then the provisions of
Section 251 of the Illinois Income Tax Act apply.
(d) No credit may be awarded under 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 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.
(e) If, during a taxable year, there is a determination
that no recorded restrictive covenant meeting the requirements
of subsection (d) was in effect as of the beginning of that
year, the 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 after the date of the determination.
(f) The tax credit under this Act may not reduce the
taxpayer's liability to less than zero. If the amount of the
tax credit exceeds the tax liability for the year, the excess
may be carried forward and applied to the tax liability of the
5 taxable years following the excess credit year. The credit
must be applied to the earliest year for which there is a tax
liability. If there are credits from more than one tax year
that are available to offset a liability, then the earlier
credit must be applied first. Credits that are initially

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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 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. The qualified taxpayer is solely responsible for
correctly filing tax returns, and an Authority is not
responsible for monitoring the calculation of taxes under this
Section.
(g) By March 31, 2025 and by March 31 of each year
thereafter, each 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
each respective Department.
(h) Each Authority is entitled to a reservation fee of 1%
of the credit awarded under this Section for each year of the
award to support the cost of compliance monitoring. An
Authority may exercise the option to impose a compliance fee
or a penalty in the exercise of its compliance monitoring
function under this Act.
Section 20. Recapture. If, under Section 42 of the

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Internal Revenue Code, a portion of any federal tax credit
claimed with respect to a qualified development for which a
credit has been awarded under this Act is required by the
Internal Revenue Service to be recaptured during the first 6
years after a project is placed in service, then, within 60
days after becoming aware of the federal tax credit recapture,
the project owner shall provide the Department, the Department
of Insurance, and the applicable Authority with notice of the
federal tax credit recapture. Notice shall be provided in the
manner and form as provided by the Department, the Department
of Insurance, and the Authority, respectively. If an Authority
issues a federal Form 8823 to the owner of a qualified
development that has been awarded a credit under this Act, and
an Authority has not been notified within 6 months of filing
the Form 8823 that the noncompliance has been remedied, an
Authority shall submit the Form 8823 to the Department or
Department of Insurance, as applicable. The amount of credit
subject to recapture shall be proportionately equal to the
amount of the qualified development's federal tax credits that
are subject to recapture. If the project owner (or one of the
project owner's direct or indirect members) fails to notify
the Department or the Department of Insurance, as applicable,
of any recapture of the federal tax credit, then the entire
amount of the State tax credit awarded for the qualified
development is subject to recapture. The qualified taxpayer
subject to recapture shall increase the qualified taxpayer's

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tax by the amount of any credit subject to recapture 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 25. Filing requirements. An owner of a qualified
development that has been awarded a credit 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 an Authority for that qualified
development. 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 development. A qualified
taxpayer receiving any allocated portion of a credit through a
pass-through entity shall attach to its State tax return a
copy of the Schedule K-1-P for that taxable year.
Section 30. Compliance monitoring. An Authority, in
consultation with the Department and Department of Insurance,
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

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Insurance in the manner and form as provided by the Department
and the Department of Insurance. An Authority shall make every
effort to monitor and report noncompliance using the same
procedures used for compliance monitoring of the federal tax
credits.
Section 35. Report to the General Assembly.
(a) Each Authority must, by March 31, 2026 and by March 31
of each year thereafter, provide a written report to the
General Assembly and must publish that report on its website.
(b) The report shall:
(1) set forth the number of qualified developments
that have been awarded tax credits under this Act during
the calendar year and the total number of units supported
by each qualified development;
(2) describe each qualified development that has been
awarded tax credits under this Act, including, without
limitation, the geographic location of the qualified
development, the household type, 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 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

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as well as information about any remaining disparities in
the affordability of housing within those communities; and
(4) provide information about the percentage of
qualified developments that were awarded credits and that
received incentive scoring points 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.
Section 900. The Illinois Income Tax Act is amended by
adding Section 241 as follows:
(35 ILCS 5/241 new)
Sec. 241. Build Illinois Homes Tax Credit Act.
(a) For taxable years beginning on or after January 1,
2025, any eligible taxpayer with respect to a credit awarded
in accordance with the Build Illinois Homes Tax Credit Act
that is named on an 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.

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(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 42 U.S.C. 42, 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 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 905. 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.

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(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
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

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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
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.

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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
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

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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
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

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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
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

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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.
(Source: P.A. 97-813, eff. 7-13-12; 98-1169, eff. 1-9-15.)
(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

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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
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

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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
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

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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
10 of the New Markets Development Program Act.
(6) This Section is subject to the provisions of the Build
Illinois Homes Tax Credit Act.
(Source: P.A. 98-1169, eff. 1-9-15.)