102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5476

 

Introduced 1/31/2022, by Rep. Paul Jacobs

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who own and operate a grocery store in a county with a population of 150,000 or fewer inhabitants and are liable for the payment of real property taxes at the location where that grocery store is located. Provides that the credit is in an amount equal to the property taxes paid by the taxpayer during the taxable year on the real property that contains that grocery store. Effective immediately.


LRB102 25060 HLH 34320 b

 

 

A BILL FOR

 

HB5476LRB102 25060 HLH 34320 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 232 as follows:
 
6    (35 ILCS 5/232 new)
7    Sec. 232. Grocery store credit.
8    (a) For taxable years ending on or after December 31, 2023
9and ending on or before December 31, 2028, each taxpayer that
10owns and operates a grocery store in a county with a population
11of 150,000 or fewer inhabitants and is liable for the payment
12of real property taxes at the location where that grocery
13store is located is entitled to a credit against the taxes
14imposed by subsections (a) and (b) of Section 201 in an amount
15equal to the property taxes paid by the taxpayer during the
16taxable year on the real property that contains that grocery
17store.
18    (b) For partners, shareholders of Subchapter S
19corporations, and owners of limited liability companies, if
20the liability company is treated as a partnership for the
21purposes of federal and State income taxation, there shall be
22allowed a credit under this Section to be determined in
23accordance with the determination of income and distributive

 

 

HB5476- 2 -LRB102 25060 HLH 34320 b

1share of income under Sections 702 and 704 and Subchapter S of
2the Internal Revenue Code.
 
3    Section 99. Effective date. This Act takes effect upon
4becoming law.