Illinois HB 1361: REAL ESTATE LIC-ESCROW MONEYS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB1361

Introduced 1/28/2025, by Rep. Debbie Meyers-Martin 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/246 new

 Amends the Illinois Income Tax Act. Creates a credit for certain small businesses in an amount equal to the lesser of (i) 10% of the property taxes paid by the qualified small business during the taxable year for eligible real property or (ii) $1,500. Effective immediately.

LRB104 03536 HLH 13559 b

A BILL FOR

HB1361LRB104 03536 HLH 13559 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by 

5adding Section 246 as follows:

6 (35 ILCS 5/246 new)

7 Sec. 246. Small business property tax relief credit.

8 (a) For taxable years that end on or after December 31, 

92025 and end on or before December 31, 2029, each qualified 

10small business is entitled to a credit against the taxes 

11imposed by subsections (a) and (b) of Section 201 in an amount 

12equal to the lesser of (i) 10% of the property taxes paid by 

13the qualified small business during the taxable year for 

14eligible real property or (ii) $1,500. 

15 (b) In no event shall a credit under this Section reduce 

16the taxpayer's liability to less than zero. If the amount of 

17the credit exceeds the tax liability for the year, the excess 

18may be carried forward and applied to the tax liability of the 

195 taxable years following the excess credit year. The tax 

20credit shall be applied to the earliest year for which there is 

21a tax liability. If there are credits for more than one year 

22that are available to offset a liability, the earlier credit 

23shall be applie