Illinois Affordable Housing Donation Tax Credit Extended Through 2021
Illinois Gov. Bruce Rauner yesterday signed into law S.B. 2921 to extend the sunset for the state affordable housing donation credit from Dec. 31, 2016, to Dec. 31, 2021. Under the program, a taxpayer who makes a donation to a qualified nonprofit affordable housing sponsor for an affordable housing development is entitled to an Illinois state income tax credit equal to 50 percent the value of the donation.