HB4923

Illinois HB4923 provides tax credits for distressed farmers and funds programs to support them.

Illinois HB4923, known as the Distressed Farmers Act, offers a tax credit for distressed farmers who incur qualified farming expenses. The credit amounts to 100% of these expenses, up to $50,000 per year. Qualified expenses include repairing vehicles, purchasing or repairing greenhouses, and planting or harvesting food for underserved communities. The Act also defines "distressed farmer" and "underserved community." Additionally, it allocates funds for apprenticeships and other support programs for distressed farmers.