Randy Frese
- Republican
Primary
Amends the Illinois Income Tax Act. Creates a credit for each taxpayer who is an agricultural asset owner who leases that agricultural asset to a beginning farmer. Provides that, if the lease is on a cash basis, the tax credit shall be shall be 7% of the gross amount paid to the taxpayer during the taxable year under the agreement, and if the lease is on a commodity share basis, the credit shall be equal to 17% of the amount paid to the taxpayer from crops or animals sold under the agreement in which the payment is exclusively made from the sale of crops or animals. Provides for an increased credit if the beginning farmer is a veteran. Effective immediately.
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Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
To Income Tax Subcommittee
Assigned to Revenue & Finance Committee
Filed with the Clerk by Rep. Randy E. Frese
Referred to Rules Committee
First Reading
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