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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB3474 Introduced 2/18/2025, by Rep. Amy Briel SYNOPSIS AS INTRODUCED:
| | | Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the cost incurred by the taxpayer in planting cover crops. |
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| | A BILL FOR |
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| | HB3474 | | LRB104 09965 HLH 20035 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | adding Section 246 as follows:
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| 6 | | (35 ILCS 5/246 new) |
| 7 | | Sec. 246. Cover crops. |
| 8 | | (a) For taxable years beginning on or after January 1, |
| 9 | | 2026, each individual taxpayer who plants cover crops at a |
| 10 | | location in the State is entitled to a credit against the taxes |
| 11 | | imposed by subsections (a) and (b) of Section 201 in an amount |
| 12 | | equal to the cost incurred by the taxpayer in planting those |
| 13 | | cover crops. |
| 14 | | (b) In no event shall a credit under this Section reduce |
| 15 | | the taxpayer's liability to less than zero. If the amount of |
| 16 | | the credit exceeds the tax liability for the year, the excess |
| 17 | | may be carried forward and applied to the tax liability of the |
| 18 | | 5 taxable years following the excess credit year. The tax |
| 19 | | credit shall be applied to the earliest year for which there is |
| 20 | | a tax liability. If there are credits for more than one year |
| 21 | | that are available to offset a liability, the earlier credit |
| 22 | | shall be applied first. |
| 23 | | (c) As used in this Section, "cover crop" means a plant |