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HB1501 - 104th General Assembly
INC TX-BEGINNING FARMER
Last Action
Statutes Amended In Order of Appearance
35 ILCS 5/246 new
Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit for an owner of an agricultural asset who sells or rents the agricultural asset to a beginning farmer. Sets forth the amount of the credit. Provides that the amount of the credit awarded with respect to any single sale or lease agreement shall not exceed $50,000 in any taxable year. Provides that the taxpayer shall apply to the Department of Agriculture for credits under the program. Provides that, for taxable years beginning on or after January 1, 2025 and beginning before January 1, 2030, the Department of Agriculture may not approve more than $5,000,000 in credits under the program in any taxable year. Provides that, for taxable years beginning on or after January 1, 2030, the Department of Agriculture may not approve more than $10,000,000 in credits under the program in any taxable year. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 1/21/2025 | House | Filed with the Clerk by Rep. Dan Swanson |
| 1/28/2025 | House | First Reading |
| 1/28/2025 | House | Referred to Rules Committee |
| 2/18/2025 | House | Assigned to Revenue & Finance Committee |
| 3/03/2025 | House | To Income Tax Subcommittee |
| 3/21/2025 | House | Rule 19(a) / Re-referred to Rules Committee |
| 4/28/2025 | House | Added Co-Sponsor Rep. Tony M. McCombie |