Illinois House Bill 1343

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Spectrum: Bipartisan Bill
Status: Introduced on January 23 2023 - 25% progression
Action: 2023-07-25 - Added Chief Co-Sponsor Rep. Dan Swanson
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

INC TX-BEGINNING FARMER

Rep. Lance Yednock [D]

Rep. Daniel Swanson [R]

Date	Chamber	Action
2023-07-25	House	Added Chief Co-Sponsor Rep. Dan Swanson
2023-01-31	House	Referred to Rules Committee
2023-01-31	House	First Reading
2023-01-23	House	Filed with the Clerk by Rep. Lance Yednock

Chapter	Article	Section	Citation Type	Statute Text
35	5	234	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1343&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB1343.htm