IllinoisHB1501104th General Assembly (2025–2026)House

INC TX-BEGINNING FARMER

Sponsored By: Dan Swanson (Republican)

In Committee

Summary

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. Sets forth the amount of the credit. Provides that the amount of the credit awarded with respect to any single sale or lease agreement shall not exceed $50,000 in any taxable year. Provides that the taxpayer shall apply to the Department of Agriculture for credits under the program. Provides that, for taxable years beginning on or after January 1, 2025 and beginning before January 1, 2030, the Department of Agriculture may not approve more than $5,000,000 in credits under the program in any taxable year. Provides that, for taxable years beginning on or after January 1, 2030, the Department of Agriculture may not approve more than $10,000,000 in credits under the program in any taxable year. Effective immediately.

revenue & finance

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Dan Swanson

    Republican • House

Cosponsors

  • Tony M. McCombie

    Republican • House

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Added Co-Sponsor Rep. Tony M. McCombie

    4/28/2025House
  2. Rule 19(a) / Re-referred to Rules Committee

    3/21/2025House
  3. To Income Tax Subcommittee

    3/3/2025House
  4. Assigned to Revenue & Finance Committee

    2/18/2025House
  5. Referred to Rules Committee

    1/28/2025House
  6. First Reading

    1/28/2025House
  7. Filed with the Clerk by Rep. Dan Swanson

    1/21/2025House

Bill Text

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