Illinois · Senate Bill 1743 · 103rd General Assembly

REVENUE-DOWNTOWNS CREDIT

SB 1743 Sponsored by Steve Stadelman Died in committee

  1. Introduced Feb 9, 2023
  2. In committee Feb 9, 2023
  3. Died  
  4. Passed the House  
  5. To the governor  
  6. Became law  

What it does

The legislature's own summary of the bill, or its official long title.

Creates the Revitalizing Downtowns Tax Credit Act. Creates an income tax credit in an aggregate amount equal to 25% of the qualified expenditures incurred by a qualified taxpayer undertaking a plan to substantially convert an office building from office use to residential, retail, or other commercial use. Provides that the total amount of such expenditures must equal $15,000 or more. Provides that, if the conversion…

Read the full title (156 words)

Creates the Revitalizing Downtowns Tax Credit Act. Creates an income tax credit in an aggregate amount equal to 25% of the qualified expenditures incurred by a qualified taxpayer undertaking a plan to substantially convert an office building from office use to residential, retail, or other commercial use. Provides that the total amount of such expenditures must equal $15,000 or more. Provides that, if the conversion is to residential use, then 20% or more of the residential housing units must be both rent-restricted and occupied by individuals whose income is 80% or less of the municipality's median gross income and the property must be subject to a written binding State or local agreement with respect to the provision of financing of affordable housing. Provides that the credit applies for tax years beginning on or after January 1, 2024 and ending on or before December 31, 2026. Amends the Illinois Income Tax to make conforming changes. Effective immediately.

Every action

9 steps, oldest first, as the legislature records them.

  1. SenateFiled with Secretary by Sen. Steve Stadelman
  2. SenateFirst Reading
  3. CommitteeReferred to Assignments · Senate Assignments
  4. SenateAdded as Chief Co-Sponsor Sen. Paul Faraci
  5. CommitteeAssigned to Revenue · Senate Revenue
  6. SenateAdded as Chief Co-Sponsor Sen. David Koehler
  7. CommitteeRule 3-9(a) / Re-referred to Assignments · Senate Assignments
  8. SenateAdded as Chief Co-Sponsor Sen. Cristina Castro
  9. SenateSession Sine Die

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it, joined by 3 cosponsors: 3 Democrats.

All 3 cosponsors

From Illinois's official records (www.ilga.gov), checked Nov 13, 2026. Text links go to the official versions; LegiList does not copy bill text.