Illinois General Assembly - Bill Status for HB5780
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 Bill Status of HB5780  99th General Assembly


Short Description:  INC TX-BEGINNING FARMER

House Sponsors
Rep. Randy E. Frese - Robert W. Pritchard

Last Action
DateChamber Action
  1/10/2017HouseSession Sine Die

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


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit for each taxpayer who is an agricultural asset owner who leases that agricultural asset to a beginning farmer. Provides that, if the lease is on a cash basis, the tax credit shall be shall be 7% of the gross amount paid to the taxpayer during the taxable year under the agreement, and if the lease is on a commodity share basis, the credit shall be equal to 17% of the amount paid to the taxpayer from crops or animals sold under the agreement in which the payment is exclusively made from the sale of crops or animals. Provides for an increased credit if the beginning farmer is a veteran. Effective immediately.

Actions 
DateChamber Action
  2/11/2016HouseFiled with the Clerk by Rep. Randy E. Frese
  2/11/2016HouseFirst Reading
  2/11/2016HouseReferred to Rules Committee
  2/29/2016HouseAdded Chief Co-Sponsor Rep. Robert W. Pritchard
  1/10/2017HouseSession Sine Die

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