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 Bill Status of HB2852  100th General Assembly


Short Description:  INC TX-BEGINNING FARMER

House Sponsors
Rep. Randy E. Frese - Tim Butler

Last Action
DateChamber Action
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 5/224 new


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit for each taxpayer who is an agricultural asset owner who leases that agricultural asset to a beginning farmer. Provides that, if the lease is on a cash basis, the tax credit shall be shall be 7% of the gross amount paid to the taxpayer during the taxable year under the agreement, and if the lease is on a commodity share basis, the credit shall be equal to 17% of the amount paid to the taxpayer from crops or animals sold under the agreement in which the payment is exclusively made from the sale of crops or animals. Provides for an increased credit if the beginning farmer is a veteran. Effective immediately.

Actions 
DateChamber Action
  2/9/2017HouseFiled with the Clerk by Rep. Randy E. Frese
  2/9/2017HouseFirst Reading
  2/9/2017HouseReferred to Rules Committee
  2/22/2017HouseAssigned to Revenue & Finance Committee
  3/9/2017HouseTo Income Tax Subcommittee
  3/30/2017HouseAdded Chief Co-Sponsor Rep. Tim Butler
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

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