Illinois General Assembly - Bill Status for HB5780

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Bill Status of HB5780 99th General Assembly

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Short Description: INC TX-BEGINNING FARMER

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

Last Action

Date	Chamber	Action
1/10/2017	House	Session 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

Date	Chamber	Action
2/11/2016	House	Filed with the Clerk by Rep. Randy E. Frese
2/11/2016	House	First Reading
2/11/2016	House	Referred to Rules Committee
2/29/2016	House	Added Chief Co-Sponsor Rep. Robert W. Pritchard
1/10/2017	House	Session Sine Die

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