Bill Status of HB 5906   98th General Assembly


Short Description:  INC TX-YOUNG FARMERS

House Sponsors
Rep. Charles E. Meier

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/224 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that each taxpayer who qualifies as a young farmer is allowed a credit of $1,000 for the taxable year in which the taxpayer first purchases real property that will be used for agricultural production. Provides that the term "young farmer" means an individual who is 35 years of age or younger and who derives a minimum of 50% of his or her income from farming. Effective immediately.

Actions 
DateChamber Action
  2/14/2014HouseFiled with the Clerk by Rep. Charles E. Meier
  2/14/2014HouseFirst Reading
  2/14/2014HouseReferred to Rules Committee
  12/3/2014HouseSession Sine Die

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