Bill > SB2656

This bill creates a credit for certain small businesses in Illinois against their state income taxes. The credit is equal to the lesser of 10% of the property taxes paid by the qualified small business during the taxable year for eligible real property or $1,500. To qualify, a business must have fewer than 50 employees in the state, be current on all state and federal tax obligations, and use the property for business operations (excluding residential property). The credit can be carried forward for up to 5 years if it exceeds the business's tax liability for the year. The bill takes effect immediately.