HB5506

Illinois HB5506 creates tax credits for beginning farmers and owners of agricultural assets.

HB5506 amends the Illinois Income Tax Act to create tax credits for beginning farmers and owners of agricultural assets. Beginning farmers can receive a credit for participating in a financial management program, up to $1,500 per year for up to 3 years. Owners of agricultural assets can receive a credit for selling or renting their assets to beginning farmers, based on the asset's value or rental income. The credit is available for taxable years beginning on or after January 1, 2027.