HB 3903

Abstract

Amends the Illinois Income Tax Act. Creates a credit for each person who hires a beginning farmer to do agricultural contract work for the production of crops or livestock in Illinois during the taxable year pursuant to a custom farming contract. Provides that the amount of the credit shall be 7% of the amount actually paid to the beginning farmer under the contract during the taxable year, except that, if the beginning farmer is a veteran, then, during the first taxable year of the contract, the amount of the credit shall be increased to 8% of the amount actually paid to that beginning farmer. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.