Illinois SB0146 provides a tax credit for small businesses to offset property taxes on non-residential real estate.
Illinois SB0146 amends the Illinois Income Tax Act to create a Small Business Property Tax Relief Credit. This credit applies to qualified small businesses, defined as those with fewer than 50 employees in Illinois and current on all state and federal tax obligations. The credit is equal to the lesser of 10% of the property taxes paid on eligible non-residential real estate or $1,500. The credit can be applied to the earliest year with a tax liability and can be carried forward for up to five years if it exceeds the tax liability. The credit is exempt from certain revenue provisions.
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