HB4190

Illinois HB4190 creates a tax credit for small businesses for property taxes on non-residential real estate.

Illinois HB4190 amends the Illinois Income Tax Act to create a tax credit for qualified small businesses. This credit is equal to the lesser of 10% of the property taxes paid for eligible real property or $1,500. Eligible real property must be located in Illinois, used for business operations, and not residential. A qualified small business is defined as a business in Illinois employing fewer than 50 employees and current with all tax obligations. The credit can be carried forward for up to five years if it exceeds the tax liability.