Bill > HB4190

This bill creates a new property tax relief credit for qualified small businesses in Illinois, applicable for taxable years ending between December 31, 2026, and December 31, 2030. The credit allows eligible small businesses to claim either 10% of their property taxes paid for business-related real estate or a maximum of $1,500, whichever is less. To qualify, a business must be a small enterprise with fewer than 50 employees in Illinois, be current on state and federal tax obligations, and own or lease non-residential property used for business operations. If the credit amount exceeds the business's tax liability for a given year, the excess can be carried forward and applied to tax liabilities in the next five years. The credit can be passed through to partners and shareholders for partnerships and Subchapter S corporations. The bill aims to provide financial relief to small businesses by helping offset their property tax expenses and potentially reducing their overall tax burden.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=4190&GAID=18&DocTypeID=HB&SessionID=114&GA=104