HB4849

Illinois HB4849 creates a tax credit for landowners who donate land for conservation purposes.

HB4849, known as the Farmer Tax Benefit Act, establishes a tax credit for landowners who donate land to conservation agencies for protection. The credit is equal to 100% of the fair market value of a land protection agreement or 50% of the fair market value of a fee simple interest or remainder interest in qualified real property. The credit can be carried forward for up to five years if unused. The total annual credit amount cannot exceed $7,500,000, and individual credits are capped at $500,000.