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HB 1501

Illinois House of Representatives bill in Session 104.

Status: in_committee. Latest action: March 21, 2025.

INC TX-BEGINNING FARMER.

Bill ID IL-104-HB-1501
Session 104
Status in_committee
Committee Rules Committee
House of Representatives in_committee 2025-03-21
Summary

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.

Sponsor
Dan Swanson
Official Source Back to Bills
Actions Timeline
Date Event Detail
2025-01-28 Introduced Bill introduced
2025-03-21 Status in_committee
2025-03-21 Latest Action 3/21/2025 - House:
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