FARMER TAX BENEFIT ACT
Sponsored By: Robert F. Martwick (Democratic)
In Committee
Summary
Creates the Farmer Tax Benefit Act. Provides that, for taxable years ending on or after December 31, 2027, landowners may apply to the Department for an income tax credit in an amount equal to either (i) 100% of the fair market value of a qualified donation of a land protection agreement or (ii) 50% of the fair market value of the qualified donation of a fee simple interest or a remainder interest in qualified real property. Specifies that the total aggregate amount of tax credits issued under the Act in any State fiscal year shall not exceed $7,500,000. Further provides that the amount of the credit that may be claimed by a landowner for any single qualified donation shall not exceed $500,000. Contains additional provisions concerning allocation of the credit by the Department of Natural Resources and other powers of the Department of Natural Resources, allowable credit use, the Illinois Land Protection Tax Credit, legislative findings, and other related matters. Amends the Illinois Income Tax Act. Makes conforming changes. Effective immediately.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Robert F. Martwick
Democratic • Senate
Cosponsors
Chapin Rose
Republican • Senate
Chris Balkema
Republican • Senate
Darby A. Hills
Republican • Senate
Dave Syverson
Republican • Senate
David Koehler
Democratic • Senate
Erica Harriss
Republican • Senate
Jil Tracy
Republican • Senate
Julie A. Morrison
Democratic • Senate
Laura Ellman
Democratic • Senate
Laura M. Murphy
Democratic • Senate
Linda Holmes
Democratic • Senate
Mark L. Walker
Democratic • Senate
Mary Edly-Allen
Democratic • Senate
Mattie Hunter
Democratic • Senate
Mike Porfirio
Democratic • Senate
Paul Faraci
Democratic • Senate
Rachel Ventura
Democratic • Senate
Sally J. Turner
Republican • Senate
Suzy Glowiak Hilton
Democratic • Senate
Terri Bryant
Republican • Senate
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Added as Co-Sponsor Sen. Dave Syverson
5/28/2026SenateAdded as Co-Sponsor Sen. Laura Ellman
5/26/2026SenateAdded as Co-Sponsor Sen. Mary Edly-Allen
5/25/2026SenateAdded as Co-Sponsor Sen. Rachel Ventura
5/20/2026SenateAdded as Co-Sponsor Sen. Jil Tracy
5/20/2026SenateAdded as Co-Sponsor Sen. Julie A. Morrison
5/20/2026SenateAdded as Co-Sponsor Sen. Erica Harriss
5/20/2026SenateAdded as Co-Sponsor Sen. Suzy Glowiak Hilton
5/19/2026SenateAdded as Co-Sponsor Sen. Mike Porfirio
5/14/2026SenateAdded as Co-Sponsor Sen. Chris Balkema
5/13/2026SenateAdded as Co-Sponsor Sen. Laura M. Murphy
5/7/2026SenateAdded as Co-Sponsor Sen. Terri Bryant
5/6/2026SenateAdded as Chief Co-Sponsor Sen. Mark L. Walker
5/6/2026SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter
5/6/2026SenateAdded as Chief Co-Sponsor Sen. David Koehler
5/6/2026SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
5/6/2026SenateAdded as Co-Sponsor Sen. Darby A. Hills
5/1/2026SenateAdded as Co-Sponsor Sen. Paul Faraci
4/30/2026SenateAdded as Co-Sponsor Sen. Sally J. Turner
4/29/2026SenateAdded as Co-Sponsor Sen. Chapin Rose
4/29/2026SenateReferred to Assignments
4/28/2026SenateFirst Reading
4/28/2026SenateFiled with Secretary by Sen. Robert F. Martwick
4/28/2026Senate
Bill Text
Introduced
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