Illinois HB1361 provides a tax credit for small businesses to offset property taxes on non-residential business property.
HB1361 amends the Illinois Income Tax Act to create a tax credit for qualified small businesses. This credit applies to property taxes paid on non-residential business property in Illinois. The credit is equal to the lesser of 10% of the property taxes paid or $1,500. The credit is available for taxable years ending between 2026 and 2029. If the credit exceeds the tax liability, the excess can be carried forward for up to five years.
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