Illinois 2023-2024 Regular Session

Illinois House Bill HB1344 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1344 Introduced , by Rep. Lance Yednock SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who make a qualified donation of a crop to a food bank or other charitable organization in Illinois. Provides that the amount of the credit shall be 15% of the value of the quantity of the crop donated. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately. LRB103 05777 HLH 50797 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1344 Introduced , by Rep. Lance Yednock SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who make a qualified donation of a crop to a food bank or other charitable organization in Illinois. Provides that the amount of the credit shall be 15% of the value of the quantity of the crop donated. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately. LRB103 05777 HLH 50797 b LRB103 05777 HLH 50797 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1344 Introduced , by Rep. Lance Yednock SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/234 new 35 ILCS 5/234 new
4	4	35 ILCS 5/234 new
5	5	Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who make a qualified donation of a crop to a food bank or other charitable organization in Illinois. Provides that the amount of the credit shall be 15% of the value of the quantity of the crop donated. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
6	6	LRB103 05777 HLH 50797 b LRB103 05777 HLH 50797 b
7	7	LRB103 05777 HLH 50797 b
8	8	A BILL FOR
9	9	HB1344LRB103 05777 HLH 50797 b HB1344 LRB103 05777 HLH 50797 b
10	10	HB1344 LRB103 05777 HLH 50797 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 adding Section 234 as follows:
16	16	6 (35 ILCS 5/234 new)
17	17	7 Sec. 234. Crop donation credit.
18	18	8 (a) For taxable years beginning on or after January 1,
19	19	9 2024, each taxpayer that makes a qualified donation of a crop
20	20	10 is allowed a credit against the tax imposed by subsections (a)
21	21	11 and (b) of Section 201 to the extent that such amounts have not
22	22	12 been deducted for the purposes of calculating the taxpayer's
23	23	13 federal adjusted gross income. In the case of a qualified
24	24	14 donation made under the circumstances described in either item
25	25	15 (1) or (2) of the definition of "qualified donation" set forth
26	26	16 in subsection (d) of this Section, the amount of the credit
27	27	17 shall be 15% of the value of the quantity of the crop donated,
28	28	18 computed at the wholesale market price. In the case of a
29	29	19 qualified donation made under the circumstances described in
30	30	20 item (3) of the definition of "qualified donation" set forth
31	31	21 in subsection (d) of this Section, the amount of the credit
32	32	22 shall be 15% of the value of the quantity of the crop donated,
33	33	23 computed at the wholesale market price that the grower would
34	34
35	35
36	36
37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1344 Introduced , by Rep. Lance Yednock SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/234 new 35 ILCS 5/234 new
39	39	35 ILCS 5/234 new
40	40	Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who make a qualified donation of a crop to a food bank or other charitable organization in Illinois. Provides that the amount of the credit shall be 15% of the value of the quantity of the crop donated. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
41	41	LRB103 05777 HLH 50797 b LRB103 05777 HLH 50797 b
42	42	LRB103 05777 HLH 50797 b
43	43	A BILL FOR
44	44
45	45
46	46
47	47
48	48
49	49	35 ILCS 5/234 new
50	50
51	51
52	52
53	53	LRB103 05777 HLH 50797 b
54	54
55	55
56	56
57	57
58	58
59	59
60	60
61	61
62	62
63	63	HB1344 LRB103 05777 HLH 50797 b
64	64
65	65
66	66	HB1344- 2 -LRB103 05777 HLH 50797 b HB1344 - 2 - LRB103 05777 HLH 50797 b
67	67	HB1344 - 2 - LRB103 05777 HLH 50797 b
68	68	1 have received had the quantity of crop donated been sold or
69	69	2 salable.
70	70	3 (b) For partners, shareholders of Subchapter S
71	71	4 corporations, and owners of limited liability companies, if
72	72	5 the liability company is treated as a partnership for purposes
73	73	6 of federal and State income taxation, the credit under this
74	74	7 Section shall be determined in accordance with the
75	75	8 determination of income and distributive share of income under
76	76	9 Sections 702 and 704 and Subchapter S of the Internal Revenue
77	77	10 Code.
78	78	11 (c) In no event shall a credit under this Section reduce
79	79	12 the taxpayer's liability to less than zero. If the amount of
80	80	13 the credit exceeds the tax liability for the year, the excess
81	81	14 may be carried forward and applied to the tax liability of the
82	82	15 5 taxable years following the excess credit year. The tax
83	83	16 credit shall be applied to the earliest year for which there is
84	84	17 a tax liability. If there are credits for more than one year
85	85	18 that are available to offset a liability, the earlier credit
86	86	19 shall be applied first.
87	87	20 (d) As used in this Section:
88	88	21 "Apparently wholesome food" means:
89	89	22 (1) food fit for human consumption; and
90	90	23 (2) food that meets all quality and labeling standards
91	91	24 imposed by federal, State, or local laws, even though the
92	92	25 food may not be readily marketable due to appearance, age,
93	93	26 freshness, grade, size, surplus, or other condition.
94	94
95	95
96	96
97	97
98	98
99	99	HB1344 - 2 - LRB103 05777 HLH 50797 b
100	100
101	101
102	102	HB1344- 3 -LRB103 05777 HLH 50797 b HB1344 - 3 - LRB103 05777 HLH 50797 b
103	103	HB1344 - 3 - LRB103 05777 HLH 50797 b
104	104	1 "Crop" means an agricultural crop producing food for human
105	105	2 consumption and includes, but is not limited to, bedding
106	106	3 plants that produce food, orchard stock intended for the
107	107	4 production of food, and livestock that may be processed into
108	108	5 food for human consumption.
109	109	6 "Food bank or other charitable organization" means any
110	110	7 organization located in this State, including, but not limited
111	111	8 to, a gleaning cooperative, that is exempt from federal income
112	112	9 taxes under section 501(c)(3) of the Internal Revenue Code and
113	113	10 that has as a principal or ongoing purpose the distribution of
114	114	11 food to children or homeless, unemployed, elderly, or
115	115	12 low-income individuals.
116	116	13 "Qualified donation" means the harvest or post-harvest
117	117	14 contribution in Illinois of a crop or a portion of a crop grown
118	118	15 primarily to be sold for cash and donated by the grower of the
119	119	16 crop to a food bank or other charitable organization engaged
120	120	17 in the distribution of food without charge while the crop is
121	121	18 still usable as food for human consumption and:
122	122	19 (1) the grower of the crop has supplied any crop
123	123	20 contract quota with the wholesale or retail buyer;
124	124	21 (2) if the grower of the crop is a party to a
125	125	22 contingent supply contract, the wholesale or retail buyer
126	126	23 reduces the crop quota that was reasonably anticipated to
127	127	24 be supplied by the grower; or
128	128	25 (3) the grower of the crop otherwise determines to
129	129	26 make a donation of apparently wholesome food.
130	130
131	131
132	132
133	133
134	134
135	135	HB1344 - 3 - LRB103 05777 HLH 50797 b
136	136
137	137
138	138	HB1344- 4 -LRB103 05777 HLH 50797 b HB1344 - 4 - LRB103 05777 HLH 50797 b
139	139	HB1344 - 4 - LRB103 05777 HLH 50797 b
140	140	1 "Wholesale market price" means the market price determined
141	141	2 either by:
142	142	3 (1) the amount paid to the grower by the last previous
143	143	4 cash buyer of the particular crop; or
144	144	5 (2) in the event there is no previous cash buyer, a
145	145	6 market price based upon the market price of the nearest
146	146	7 regional wholesale buyer or the regional U-Pick market
147	147	8 price.
148	148	9 (e) This Section is exempt from the provisions of Section
149	149	10 250.
150	150	11 Section 99. Effective date. This Act takes effect upon
151	151	12 becoming law.
152	152
153	153
154	154
155	155
156	156
157	157	HB1344 - 4 - LRB103 05777 HLH 50797 b