IL SB2656

Creates a property tax relief credit for qualified small businesses against Illinois income tax liability 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.

Qualified small business defined as any business entity conducting business in Illinois with fewer than 50 employees in the state and current on all state and federal tax obligations.

Eligible real property must be located in Illinois, owned or leased by the taxpayer who is liable for property taxes, used for business operations, and non-residential.

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