Bill Texts: IL HB1343 | 2023-2024 | 103rd General Assembly
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]
Spectrum: Bipartisan Bill
Status: (Introduced) 2023-07-25 - Added Chief Co-Sponsor Rep. Dan Swanson [HB1343 Detail]
Bill Drafts
Revision | Date | Format | Source | View |
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Introduced | 2023-01-23 | HTML/Text | Link | View |
Amendments
Amendment | Date | Disposition | Format | Source | View |
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No bill amendments currently on file for Illinois HB1343 |
Supplemental Documents
Title | Description | Date | Format | Source | View |
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No supplemental documents for Illinois HB1343 currently on file. |