Bill > HB1343

This bill amends the Illinois Income Tax Act to create an income tax credit for owners of agricultural assets who sell or rent those assets to beginning farmers. The credit is equal to either 5% of the sale price or fair market value of the asset, up to $32,000, or 10% of the gross rental income in each of the first three years of a rental agreement, up to $7,000 per year. The owner must apply to the Department of Agriculture for approval of the credit, and the Department cannot approve more than $5 million in credits per year. The bill defines key terms like "agricultural asset" and "beginning farmer," and includes provisions for applying the credit to various business structures. The bill takes effect immediately.