Illinois HB 1501: INC TX-BEGINNING FARMER

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB1501

Introduced 1/28/2025, by Rep. Dan Swanson 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/246 new

 Amends the Illinois Income Tax Act. Creates an income tax credit for an owner of an agricultural asset who sells or rents the agricultural asset to a beginning farmer. Sets forth the amount of the credit. Provides that the amount of the credit awarded with respect to any single sale or lease agreement shall not exceed $50,000 in any taxable year. Provides that the taxpayer shall apply to the Department of Agriculture for credits under the program. Provides that, for taxable years beginning on or after January 1, 2025 and beginning before January 1, 2030, the Department of Agriculture may not approve more than $5,000,000 in credits under the program in any taxable year. Provides that, for taxable years beginning on or after January 1, 2030, the Department of Agriculture may not approve more than $10,000,000 in credits under the program in any taxable year. Effective immediately.

LRB104 03362 HLH 17518 b

A BILL FOR

HB1501LRB104 03362 HLH 17518 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by 

5adding Section 246 as follows:

6 (35 ILCS 5/246 new)

7 Sec. 246. Agricultural assets; beginning farmer.

8 (a) For taxable years beginning on or after January 1, 

92025, an owner of an agricultural asset in this State may take 

10a credit against the tax imposed under subsections (a) and (b) 

11of Section 201, in an amount approved by the Department, for 

12the sale or rental of the agricultural asset to a beginning 

13farmer. Subject to the limitati