IL HB4629

Creates income tax credit for healthy food retailers that first locate a new establishment in areas designated as food deserts by the Department of Agriculture, effective for taxable years ending on or after December 31, 2020.

Credit amount is 15% of tax liability for newly constructed stores or 10% of tax liability for remodeled or rehabilitated stores.

Defines "healthy food retail establishment" as a grocery store or food retailer where at least 35% of food inventory by cost value consists of fresh produce, poultry, dairy, and deli items.

For partners, S corporation shareholders, and LLC members treated as partnerships, the credit is determined according to their distributive share under federal tax code sections 702, 704, and subchapter S.