Illinois SB 2281: LAND CONSERVATION INCENTIVES

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB2281

Introduced 2/7/2025, by Sen. Robert F. Martwick 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/235 new

 Provides that the amendatory Act may be referred to as the Land Conservation Incentives Act. Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2025, there is a tax credit of up to $200,000 with respect to qualified real property interest conveyed for conservation and preservation purposes as the qualified donation by the taxpayer, with certain requirements. Provides that any taxpayer claiming this tax credit may not claim a credit under any similar law for costs related to the same project. Provides that any tax credits from the donation of an interest in land made by a pass-through tax entity such as a trust, estate, partnership, limited liability corporation or partnership, limited partnership, S corporation, or other fiduciary shall be used either by such entity if it is the taxpayer on behalf of such entity or by the member, manager, partner, shareholder, or beneficiary, as the case may be, in proportion to their interest in such entity if the income, deductions, and tax liability passes through such entity to such member, manager, partner, shareholder, or beneficiary, and that such tax credits may not be claimed by both the entity and the member, manager, partner, shareholder, or beneficiary for the same donation. Requires the Department of Natural Resources and Department of Revenue to adopt rules. Defines terms. Makes findings.

LRB104 09415 HLH 19474 b

A BILL FOR

SB2281LRB104 09415 HLH 19474 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State o