Illinois

Illinois Low Income Housing Tax Credit Summary

• Applicable against the Illinois corporate income tax and individual income tax.
• May offset 100% of taxpayer’s liability.
• Excess credits carryforward for 5 years. No carryback.
• Credits are subject to recapture only in the case of fraud.
• Credits are transferable, not allocable

Illinois Historic Rehabilitation Tax Credit Summary

• The Illinois Historic Rehabilitation Tax Credit is an incentive available for the rehabilitation of qualified historic structures.
• Provides a tax credit equal to 25% of eligible rehabilitation expenditures.
• Is applicable against corporate and individual income taxes.
• Can generally offset up to 100% of current year tax liability.
• Excess credits can be carried forward for 5 years.
• Credits are not subject to recapture.

Illinois Film Production Tax Credit Summary

• Income tax offset.
• Sunset date: January 1, 2027
• Credit must be utilized during year of transfer or within the 5-Year carryforward period of the transferor.
• No recapture for the transferee.
• Certificated and transferable tax credit (one-time)
• No tax credit usage limitations apply.