HB 1343

Abstract

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 may not approve more than $5,000,000 in credits under those provisions in any one taxable year. Effective immediately.