Illinois HB4849 establishes a tax credit for landowners donating land for conservation purposes.
HB4849, known as the Farmer Tax Benefit Act, allows taxpayers to claim a credit against their Illinois income tax for donating land to conservation agencies. The credit is equal to 100% of the fair market value for a land protection agreement or 50% for a fee simple interest or remainder interest. The Department of Natural Resources must prepare a report detailing the land protected and its value. The credit can be carried forward for up to five years if unused. The total annual credit amount is capped at $7,500,000, with a maximum credit of $500,000 per donation.
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