Translate
SB4193 - 104th General Assembly
FARMER TAX BENEFIT ACT
Last Action
Senate Sponsors
Sen. Robert F. Martwick - Linda Holmes - David Koehler - Mattie Hunter - Mark L. Walker, Chapin Rose, Sally J. Turner, Paul Faraci, Darby A. Hills, Terri Bryant, Laura M. Murphy, Chris Balkema and Mike PorfirioStatutes Amended In Order of Appearance
New Act
35 ILCS 5/253 new
Synopsis As Introduced
Creates the Farmer Tax Benefit Act. Provides that, for taxable years ending on or after December 31, 2027, landowners may apply to the Department for an income tax credit in an amount equal to either (i) 100% of the fair market value of a qualified donation of a land protection agreement or (ii) 50% of the fair market value of the qualified donation of a fee simple interest or a remainder interest in qualified real property. Specifies that the total aggregate amount of tax credits issued under the Act in any State fiscal year shall not exceed $7,500,000. Further provides that the amount of the credit that may be claimed by a landowner for any single qualified donation shall not exceed $500,000. Contains additional provisions concerning allocation of the credit by the Department of Natural Resources and other powers of the Department of Natural Resources, allowable credit use, the Illinois Land Protection Tax Credit, legislative findings, and other related matters. Amends the Illinois Income Tax Act. Makes conforming changes. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 4/28/2026 | Senate | Filed with Secretary by Sen. Robert F. Martwick |
| 4/28/2026 | Senate | First Reading |
| 4/28/2026 | Senate | Referred to Assignments |
| 4/29/2026 | Senate | Added as Co-Sponsor Sen. Chapin Rose |
| 4/29/2026 | Senate | Added as Co-Sponsor Sen. Sally J. Turner |
| 4/30/2026 | Senate | Added as Co-Sponsor Sen. Paul Faraci |
| 5/01/2026 | Senate | Added as Co-Sponsor Sen. Darby A. Hills |
| 5/06/2026 | Senate | Added as Chief Co-Sponsor Sen. Linda Holmes |
| 5/06/2026 | Senate | Added as Chief Co-Sponsor Sen. David Koehler |
| 5/06/2026 | Senate | Added as Chief Co-Sponsor Sen. Mattie Hunter |
| 5/06/2026 | Senate | Added as Chief Co-Sponsor Sen. Mark L. Walker |
| 5/06/2026 | Senate | Added as Co-Sponsor Sen. Terri Bryant |
| 5/07/2026 | Senate | Added as Co-Sponsor Sen. Laura M. Murphy |
| 5/13/2026 | Senate | Added as Co-Sponsor Sen. Chris Balkema |
| 5/14/2026 | Senate | Added as Co-Sponsor Sen. Mike Porfirio |