Illinois Administrative Code
Title 47 - HOUSING AND COMMUNITY DEVELOPMENT
Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
Subpart C - DONATIONS
Section 355.307 - Personal Property

Universal Citation: 47 IL Admin Code ยง 355.307
Current through Register Vol. 48, No. 12, March 22, 2024

A Donation of personal property, such as construction or other materials and equipment sold in the ordinary course of business, shall be valued at the lesser of its fair market value or its cost to the Donor, and may include costs incurred in making the transfer, such as delivery costs, but excluding sales tax. For personal property such as art, antique furniture, coin collections or jewelry, the value may be established by an appraisal done by a qualified appraiser approved by the Agency. In the case of personal property, an Agency may, in its discretion, have another appraisal done by a qualified appraiser approved by the Agency; in such a case, the value of the property shall be the lesser of the two appraisals.

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