IL HB5476

Creates an income tax credit for taxpayers who own and operate a grocery store in counties with a population of 150,000 or fewer inhabitants.

Credit amount equals the real property taxes paid by the taxpayer during the taxable year on the property containing the grocery store.

Credit applies against state income taxes imposed under Section 201 of the Illinois Income Tax Act.

Effective for taxable years ending December 31, 2023 through December 31, 2028.

For partners, S-corporation shareholders, and LLC owners treated as partnerships, the credit is determined based on their distributive share of income under federal and state tax rules.