SB4007

SB4007 provides a tax credit for Illinois beekeepers for liability insurance premiums.

SB4007 amends the Illinois Income Tax Act to offer a tax credit for individuals or entities engaged in beekeeping. The credit is equal to the lesser of 100% of the liability insurance premiums paid during the taxable year or $1,000. To qualify, the beekeeping must occur on property between 5 and 20 acres with 6 to 12 active beehives. The credit can be applied to the earliest year with a tax liability and any excess can be carried forward for up to five years.