Bill > HB4849

This bill, titled the Farmer Tax Benefit Act, allows taxpayers to receive an income tax credit for donating land protection agreements or interests in qualified real property to a conservation agency, which can be the state, federal agencies, local governments, federally recognized Indian tribes, or certain non-profit organizations. Taxpayers can apply to the Department of Natural Resources for a credit equal to 100% of the fair market value of a donated land protection agreement (a permanent restriction on land use) or 50% of the fair market value of a donated fee simple interest (full ownership) or remainder interest (ownership after another person's interest ends) in qualified real property. The fair market value must be determined by a qualified appraisal. There are annual limits on the total amount of tax credits issued ($7.5 million) and the amount a single landowner can claim ($500,000). The credit can be carried forward for five years if it exceeds the taxpayer's liability for a given year, and it can also be transferred to another taxpayer. The bill also makes conforming changes to the Illinois Income Tax Act to recognize this new credit.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=4849&GAID=18&DocTypeID=HB&SessionID=114&GA=104