Full Text of SB0279 102nd General Assembly
SB0279 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 SB0279 Introduced 2/19/2021, by Sen. Terri Bryant SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Income Tax Act. Creates an income tax credit to taxpayers that own and operate a small farm and make a qualifying food commodity donation to a food bank or emergency feeding organization. Provides that the credit shall be equal to the lesser of $5,000 or 15% of the value of the food commodity donated. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Income Tax Act is amended by | 5 | | adding Section 232 as follows: | 6 | | (35 ILCS 5/232 new) | 7 | | Sec. 232. Credit for food donations. | 8 | | (a) For taxable years beginning on or after January 1, | 9 | | 2021, there shall be allowed a credit against the tax imposed | 10 | | by subsections (a) and (b) of Section 201 of this Act to | 11 | | qualifying taxpayers that own and operate a qualifying small | 12 | | farm and make a qualifying food commodity donation to a food | 13 | | bank or emergency feeding organization. The credit shall be in | 14 | | an amount equal to the lesser of $5,000 or 15% of the value of | 15 | | the food commodity donated. | 16 | | (b) For the purposes of this Section: | 17 | | "Qualifying food commodity" means food that meets all | 18 | | quality and labeling standards imposed by federal, State, | 19 | | and local laws and regulations, even though the food may | 20 | | not be readily marketable due to the appearance, age, | 21 | | freshness, grade, size, surplus, or other conditions. | 22 | | Qualifying food commodity does not mean food that is | 23 | | damaged, out of condition, or unfit for human consumption. |
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| 1 | | "Qualifying small farm" means a small family farm, | 2 | | rural-residence family farm, or intermediate family farms, | 3 | | as defined by the United States Department of | 4 | | Agriculture's Economic Research Service, that has gross | 5 | | sales of less than $250,000 per year and is located in the | 6 | | State. | 7 | | "Qualifying taxpayer" means an Illinois resident who: | 8 | | (i) owns and operates a qualifying small farm in the | 9 | | State; (ii) produces the donated food commodity; and (iii) | 10 | | transfers ownership of the donated food commodity to an | 11 | | Illinois food bank or emergency feeding organization. | 12 | | (c) In no event shall a credit under this Section reduce a | 13 | | taxpayer's liability to less than zero. If the amount of the | 14 | | credit exceeds the tax liability for the year, the excess may | 15 | | be carried forward and applied to the tax liability for the 5 | 16 | | taxable years following the excess credit year. The tax credit | 17 | | shall be applied to the earliest year for which there is a tax | 18 | | liability. If there are credits for more than one year that are | 19 | | available to offset liability, the earliest credit shall be | 20 | | applied first. | 21 | | (d) The Department shall adopt rules to implement the | 22 | | provisions of this Section and may work with the United States | 23 | | Department of Agriculture or any other relevant agency to | 24 | | implement the provisions of this Section. | 25 | | (e) This Section is exempt from the provisions of Section | 26 | | 250.
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| 1 | | Section 99. Effective date. This Act takes effect upon | 2 | | becoming law.
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