Illinois 2023-2024 Regular Session

Illinois House Bill HB5080 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 HB5080 Introduced , by Rep. Lance Yednock SYNOPSIS AS INTRODUCED: New Act35 ILCS 5/241 new Creates the Illinois Farmers Who Fight Food Insecurity Act. Establishes an income tax credit for taxpayers who own farm property in the State and make a qualified donation of an agricultural or horticultural commodity, or a cash donation, to a food bank or a historically underserved farmer or rancher. LRB103 37735 HLH 67862 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5080 Introduced , by Rep. Lance Yednock SYNOPSIS AS INTRODUCED: New Act35 ILCS 5/241 new New Act 35 ILCS 5/241 new Creates the Illinois Farmers Who Fight Food Insecurity Act. Establishes an income tax credit for taxpayers who own farm property in the State and make a qualified donation of an agricultural or horticultural commodity, or a cash donation, to a food bank or a historically underserved farmer or rancher. LRB103 37735 HLH 67862 b LRB103 37735 HLH 67862 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5080 Introduced , by Rep. Lance Yednock SYNOPSIS AS INTRODUCED:
3	3	New Act35 ILCS 5/241 new New Act 35 ILCS 5/241 new
4	4	New Act
5	5	35 ILCS 5/241 new
6	6	Creates the Illinois Farmers Who Fight Food Insecurity Act. Establishes an income tax credit for taxpayers who own farm property in the State and make a qualified donation of an agricultural or horticultural commodity, or a cash donation, to a food bank or a historically underserved farmer or rancher.
7	7	LRB103 37735 HLH 67862 b LRB103 37735 HLH 67862 b
8	8	LRB103 37735 HLH 67862 b
9	9	A BILL FOR
10	10	HB5080LRB103 37735 HLH 67862 b HB5080 LRB103 37735 HLH 67862 b
11	11	HB5080 LRB103 37735 HLH 67862 b
12	12	1 AN ACT concerning revenue.
13	13	2 Be it enacted by the People of the State of Illinois,
14	14	3 represented in the General Assembly:
15	15	4 Section 1. Short title. This Act may be cited as the
16	16	5 Illinois Farmers Who Fight Food Insecurity Act.
17	17	6 Section 5. Definitions. As used in this Act:
18	18	7 "Department" means the Department of Human Services.
19	19	8 "Farm property" means real property that is used primarily
20	20	9 for raising or harvesting agricultural or horticultural
21	21	10 commodities for commercial sale.
22	22	11 "Food bank" means a food bank in Illinois that received
23	23	12 funding from The Emergency Food Assistance Program (TEFAP) in
24	24	13 the year in which it received the qualified donation.
25	25	14 "Historically underserved farmer or rancher" means an
26	26	15 individual who: (i) is a beginning farmer or rancher, a
27	27	16 socially disadvantaged farmer or rancher, a veteran farmer or
28	28	17 rancher, or a limited resource farmer or rancher, as those
29	29	18 terms are defined by the Natural Resources Conservation
30	30	19 Service of the United States Department of Agriculture; and
31	31	20 (ii) materially and substantially participates in the
32	32	21 operation of farm property located in the State at least 50% of
33	33	22 which is owned by a beginning farmer or rancher, a socially
34	34	23 disadvantaged farmer or rancher, a veteran farmer or rancher,
35	35
36	36
37	37
38	38	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5080 Introduced , by Rep. Lance Yednock SYNOPSIS AS INTRODUCED:
39	39	New Act35 ILCS 5/241 new New Act 35 ILCS 5/241 new
40	40	New Act
41	41	35 ILCS 5/241 new
42	42	Creates the Illinois Farmers Who Fight Food Insecurity Act. Establishes an income tax credit for taxpayers who own farm property in the State and make a qualified donation of an agricultural or horticultural commodity, or a cash donation, to a food bank or a historically underserved farmer or rancher.
43	43	LRB103 37735 HLH 67862 b LRB103 37735 HLH 67862 b
44	44	LRB103 37735 HLH 67862 b
45	45	A BILL FOR
46	46
47	47
48	48
49	49
50	50
51	51	New Act
52	52	35 ILCS 5/241 new
53	53
54	54
55	55
56	56	LRB103 37735 HLH 67862 b
57	57
58	58
59	59
60	60
61	61
62	62
63	63
64	64
65	65
66	66	HB5080 LRB103 37735 HLH 67862 b
67	67
68	68
69	69	HB5080- 2 -LRB103 37735 HLH 67862 b HB5080 - 2 - LRB103 37735 HLH 67862 b
70	70	HB5080 - 2 - LRB103 37735 HLH 67862 b
71	71	1 or some combination of those persons at the time the donation
72	72	2 is made.
73	73	3 "Material and substantial participation" means day-to-day
74	74	4 labor and management of farm property, consistent with the
75	75	5 practices of the county in which the farm property is located.
76	76	6 "Qualified donation" means a donation to a food bank or to
77	77	7 a historically underserved farmer or rancher of an
78	78	8 agricultural or horticultural commodity that is suitable for
79	79	9 human consumption and is produced on farm property owned by
80	80	10 the taxpayer, a cash equivalent donation to a food bank or a
81	81	11 historically underserved farmer or rancher, or some
82	82	12 combination of those types of donations.
83	83	13 Section 10. Tax Credit.
84	84	14 (a) For taxable years beginning on or after January 1,
85	85	15 2025, each taxpayer who owns farm property in the State and
86	86	16 makes a qualified donation during the taxable year is entitled
87	87	17 to a credit against the taxes imposed by subsections (a) and
88	88	18 (b) of Section 201 in an amount equal to the value of the
89	89	19 qualified donation, but not to exceed $2,500 per taxpayer in
90	90	20 any taxable year. Eligible taxpayers shall apply to the
91	91	21 Department for a tax credit certificate for the credit under
92	92	22 this Section, and the Department shall certify the value of
93	93	23 the qualified donation. Upon satisfactory review of the
94	94	24 application, the Department shall issue to the taxpayer a tax
95	95	25 credit certificate stating the amount of the tax credit to
96	96
97	97
98	98
99	99
100	100
101	101	HB5080 - 2 - LRB103 37735 HLH 67862 b
102	102
103	103
104	104	HB5080- 3 -LRB103 37735 HLH 67862 b HB5080 - 3 - LRB103 37735 HLH 67862 b
105	105	HB5080 - 3 - LRB103 37735 HLH 67862 b
106	106	1 which the taxpayer is entitled. The tax credit certificate
107	107	2 shall be attached to the taxpayer's Illinois income tax
108	108	3 return.
109	109	4 (b) In no event shall a credit under this Section reduce
110	110	5 the taxpayer's liability to less than zero. If the amount of
111	111	6 the credit exceeds the tax liability for the year, the excess
112	112	7 may be carried forward and applied to the tax liability of the
113	113	8 5 taxable years following the excess credit year. The tax
114	114	9 credit shall be applied to the earliest year for which there is
115	115	10 a tax liability. If there are credits for more than one year
116	116	11 that are available to offset a liability, the earlier credit
117	117	12 shall be applied first.
118	118	13 (c) For partners of partnerships and shareholders of
119	119	14 Subchapter S corporations, there shall be allowed a credit
120	120	15 under this Section to be determined in accordance with the
121	121	16 determination of income and distributive share of income under
122	122	17 Sections 702 and 704 and Subchapter S of the Internal Revenue
123	123	18 Code.
124	124	19 (d) The Department, in addition to those powers granted
125	125	20 elsewhere, is granted and has all the powers necessary or
126	126	21 convenient to carry out and effectuate the purposes and
127	127	22 provisions of this Section, including, but not limited to, the
128	128	23 following:
129	129	24 (1) adopt rules deemed necessary and appropriate for
130	130	25 the administration of the tax credit program established
131	131	26 under this Section;
132	132
133	133
134	134
135	135
136	136
137	137	HB5080 - 3 - LRB103 37735 HLH 67862 b
138	138
139	139
140	140	HB5080- 4 -LRB103 37735 HLH 67862 b HB5080 - 4 - LRB103 37735 HLH 67862 b
141	141	HB5080 - 4 - LRB103 37735 HLH 67862 b
142	142	1 (2) establish forms for applications, notifications,
143	143	2 contracts, or other agreements related to the credit under
144	144	3 this Section;
145	145	4 (3) accept applications for the credit under this
146	146	5 Section at any time during the year;
147	147	6 (4) gather information and conduct inquiries for the
148	148	7 purpose of administering the tax credit under this
149	149	8 Section;
150	150	9 (5) provide for sufficient personnel to permit
151	151	10 administrative, staffing, operating, and related support
152	152	11 required to adequately discharge its duties and
153	153	12 responsibilities described in this Section from funds as
154	154	13 may be appropriated by the General Assembly for the
155	155	14 administration of this Section; and
156	156	15 (6) require that the applicant at all times keep
157	157	16 proper books and records of accounts relating to the tax
158	158	17 credit award, in accordance with generally accepted
159	159	18 accounting principles consistently applied, and make, upon
160	160	19 reasonable written request by the Department, those books
161	161	20 and records available for reasonable Department inspection
162	162	21 and audit during the applicant's normal business hours;
163	163	22 any documents or data made available to or received from
164	164	23 the applicant by any agent, employee, officer, or service
165	165	24 provider to the Department shall be deemed confidential
166	166	25 and shall not constitute public records to the extent that
167	167	26 the documents or data consist of commercial or financial
168	168
169	169
170	170
171	171
172	172
173	173	HB5080 - 4 - LRB103 37735 HLH 67862 b
174	174
175	175
176	176	HB5080- 5 -LRB103 37735 HLH 67862 b HB5080 - 5 - LRB103 37735 HLH 67862 b
177	177	HB5080 - 5 - LRB103 37735 HLH 67862 b
178	178	1 information regarding the operation by the applicant of
179	179	2 farm property.
180	180	3 Section 900. The Illinois Income Tax Act is amended by
181	181	4 adding Section 241 as follows:
182	182
183	183
184	184
185	185
186	186
187	187	HB5080 - 5 - LRB103 37735 HLH 67862 b