HB3457

HB3457 introduces a tax credit for landowners donating land for conservation purposes in Illinois.

HB3457, known as the Land Conservation Incentives Act, amends the Illinois Income Tax Act to provide a tax credit for qualified donations of real property for conservation purposes. The credit can be up to $200,000 and applies to transfers of land interests starting from January 1, 2025. The donated land must be used for open space, natural resource, biodiversity, agricultural, watershed, habitat, farmland, forestland, or historic preservation. The credit cannot be claimed by both the entity and its members, managers, partners, shareholders, or beneficiaries for the same donation.