Bill Title: 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.

Spectrum: Bipartisan Bill

Status: (Introduced) 2023-07-25 - Added Chief Co-Sponsor Rep. Dan Swanson [HB1343 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2023-01-23	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB1343

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB1343 currently on file.

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