IL SB0146

Creates a small business property tax relief credit against Illinois income tax equal to 10% of property taxes paid on eligible real property, capped at $1,500 per year

Credit available for taxable years ending between December 31, 2025 and December 31, 2029

Qualifying businesses must be located in Illinois, employ fewer than 50 employees in the state, and be current on all state and federal tax obligations

Eligible 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; credit passes through to partners and shareholders for partnerships and S corporations