Illinois HB1501 creates an income tax credit for owners selling or leasing agricultural assets to beginning farmers.
HB1501 amends the Illinois Income Tax Act to establish an income tax credit for owners of agricultural assets who sell or lease these assets to beginning farmers. The credit is limited to $50,000 per taxable year for any single sale or lease agreement. Owners must apply to the Department of Agriculture by August 1 of the taxable year for approval of the credit. The credit amount is determined based on the sale price or lease payment, with different percentages for sales and various types of leases.
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