Illinois General Assembly - Bill Status for HB1343
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 Bill Status of HB1343  103rd General Assembly


Short Description:  INC TX-BEGINNING FARMER

House Sponsors
Rep. Lance Yednock - Dan Swanson

Last Action
DateChamber Action
  1/31/2023HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 5/234 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. Provides that the credit shall be equal to: (1) 5% of the lesser of the sale price or the fair market value of the agricultural asset, up to a maximum of $32,000; or (2) 10% of the gross rental income in each of the first, second, and third years of a rental agreement, up to a maximum of $7,000 per year. Provides that the taxpayer shall apply with the Department of Agriculture. Provides that the Department of Agriculture may not approve more than $5,000,000 in credits under those provisions in any one taxable year. Effective immediately.

Actions 
DateChamber Action
  1/23/2023HouseFiled with the Clerk by Rep. Lance Yednock
  1/31/2023HouseFirst Reading
  1/31/2023HouseReferred to Rules Committee
  7/25/2023HouseAdded Chief Co-Sponsor Rep. Dan Swanson

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