Illinois General Assembly

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 Bill Status of HB3332  98th General Assembly

Short Description:  INC TX-YOUNG FARMERS

House Sponsors
Rep. Charles E. Meier and Kelly M. Cassidy

Last Action
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.

DateChamber Action
  2/26/2013HouseFiled with the Clerk by Rep. Charles E. Meier
  2/26/2013HouseFirst Reading
  2/26/2013HouseReferred to Rules Committee
  3/11/2013HouseAssigned to Revenue & Finance Committee
  3/19/2013HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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