IL HB4430

Creates a small business property tax relief credit under the Illinois Income Tax Act for taxable years ending on or after December 31, 2024.

Credit amount equals the lesser of 10% of property taxes paid on eligible real property during the taxable year or $1,500.

Eligible real property is non-residential Illinois property where the taxpayer has an ownership or leasehold interest, is liable for property taxes, and uses the property for business operations.

Qualified small businesses include sole proprietorships, partnerships, corporations, joint ventures, associations, or cooperatives that employ fewer than 50 employees in Illinois and are current with all state and federal tax obligations.

Unused credits may be carried forward for up to 5 years following the year the excess credit is generated, applied first to the earliest available tax liability.