State Tax Credit Investments
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.