IL HB4857 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Democrat 2-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Creates the Distressed Farmers Act. Provides that the Department of Agriculture shall fund and administer programs to address the needs of distressed farmers. Provides for a tax credit for distressed farmers. Amends The Illinois Income Tax Act. Provides that for taxable years beginning on or after January 1, 2025, each taxpayer who is a distressed farmer and who incurs qualified farming expenses during the taxable year is entitled to a tax credit in an amount equal to 100% of those qualified farming expenses, not to exceed $50,000 per taxpayer in any taxable year. Provides that qualified farming expenses include: (1) repairing tractors, trailers, and other vehicles; (2) purchasing, repairing, or constructing greenhouses and other covers for agricultural products; (3) purchasing tractors with tillers and other attachments; and (4) planting or harvesting food that will be delivered to an underserved community.
Title
DISTRESSED FARMERS ACT
Sponsors
History
Date | Chamber | Action |
---|---|---|
2025-01-07 | House | Session Sine Die |
2024-05-21 | House | Added Chief Co-Sponsor Rep. Emanuel "Chris" Welch |
2024-04-05 | House | Rule 19(a) / Re-referred to Rules Committee |
2024-03-08 | House | To Revenue-Income Tax Subcommittee |
2024-03-05 | House | Assigned to Revenue & Finance Committee |
2024-02-07 | House | Referred to Rules Committee |
2024-02-07 | House | First Reading |
2024-02-06 | House | Filed with the Clerk by Rep. Sonya M. Harper |
Code Citations
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4857&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
Text | https://www.ilga.gov/legislation/103/HB/10300HB4857.htm |