Illinois SB 4193: FARMER TAX BENEFIT ACT

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 Full Text of SB4193

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB4193

Introduced 4/28/2026, by Sen. Robert F. Martwick 

SYNOPSIS AS INTRODUCED:

New Act

35 ILCS 5/253 new

 Creates the Farmer Tax Benefit Act. Provides that, for taxable years ending on or after December 31, 2027, landowners may apply to the Department for an income tax credit in an amount equal to either (i) 100% of the fair market value of a qualified donation of a land protection agreement or (ii) 50% of the fair market value of the qualified donation of a fee simple interest or a remainder interest in qualified real property. Specifies that the total aggregate amount of tax credits issued under the Act in any State fiscal year shall not exceed $7,500,000. Further provides that the amount of the credit that may be claimed by a landowner for any single qualified donation shall not exceed $500,000. Contains additional provisions concerning allocation of the credit by the Department of Natural Resources and other powers of the Department of Natural Resources, allowable credit use, the Illinois Land Protection Tax Credit, legislative findings, and other related matters. Amends the Illinois Income Tax Act. Makes conforming changes. Effective immediately.

LRB104 21567 HLH 36981 b

A BILL FOR

SB4193LRB104 21567 HLH 36981 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 1. Short title. This Act may be cited as the Farmer 

5Tax Benefit Act.

6 Section 5. Purpose and findings. The General Assembly 

7finds that:

8 (1) The State of Illinois' unique natural resources, 

9 wildlife habitats, open spaces, agricultural and forested 

10 resources, wetlands, and historical, cultural, and