Creates the Build Illinois Homes Tax Credit Act. Provides that owners of qualified low-income housing developments are eligible for credits against (i) State income taxes and (ii) any privilege tax or retaliatory tax, penalty, fee, charge, or payment imposed under the Illinois Insurance Code. Amends the Illinois Housing Development Act. Provides that the Illinois Housing Development Authority shall develop a form and include it with certain financing agreements. Amends the Retailers' Occupation Tax Act. Creates an exemption for building materials to be incorporated into an 100% affordable housing project by rehabilitation or new construction. Amends the Property Tax Code. Provides for a reduction in assessed value for affordable rental housing construction or rehabilitation. Amends the Affordable Housing Planning and Appeal Act. Provides that an affordable housing plan, or any revision thereof, shall not be adopted by a non-exempt local government until notice and opportunity for public hearing have first been afforded. Makes other changes. Effective immediately.

Statutes affected:
Introduced: 20 ILCS 3805/13, 35 ILCS 5/232, 35 ILCS 120/5, 35 ILCS 200/15, 215 ILCS 5/409, 215 ILCS 5/444, 310 ILCS 67/15, 310 ILCS 67/25, 310 ILCS 67/50, 310 ILCS 67/70