IL HB4190

Creates a new Small Business Property Tax Relief Credit under the Illinois Income Tax Act for taxable years ending between December 31, 2026 and December 31, 2030

Credit amount equals the lesser of 10% of property taxes paid on eligible real property or $1,500 per qualified small business

Qualified small businesses must employ fewer than 50 employees in Illinois, conduct business in the state, and be current on all state and federal tax obligations

Eligible real property must be non-residential, located in Illinois, used for business operations, and the taxpayer must be liable for property taxes on it

Excess credits may be carried forward for up to 5 taxable years, and credits can pass through to partners and shareholders of partnerships and S corporations