Illinois 2025-2026 Regular Session

Illinois House Bill HB3474 Compare Versions

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

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3474 Introduced , by Rep. Amy Briel SYNOPSIS AS INTRODUCED: 35 ILCS 5/246 new Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the cost incurred by the taxpayer in planting cover crops. LRB104 09965 HLH 20035 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3474 Introduced , by Rep. Amy Briel SYNOPSIS AS INTRODUCED: 35 ILCS 5/246 new 35 ILCS 5/246 new Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the cost incurred by the taxpayer in planting cover crops. LRB104 09965 HLH 20035 b LRB104 09965 HLH 20035 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3474 Introduced , by Rep. Amy Briel SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/246 new 35 ILCS 5/246 new
4	4	35 ILCS 5/246 new
5	5	Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the cost incurred by the taxpayer in planting cover crops.
6	6	LRB104 09965 HLH 20035 b LRB104 09965 HLH 20035 b
7	7	LRB104 09965 HLH 20035 b
8	8	A BILL FOR
9	9	HB3474LRB104 09965 HLH 20035 b HB3474 LRB104 09965 HLH 20035 b
10	10	HB3474 LRB104 09965 HLH 20035 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 246 as follows:
16	16	6 (35 ILCS 5/246 new)
17	17	7 Sec. 246. Cover crops.
18	18	8 (a) For taxable years beginning on or after January 1,
19	19	9 2026, each individual taxpayer who plants cover crops at a
20	20	10 location in the State is entitled to a credit against the taxes
21	21	11 imposed by subsections (a) and (b) of Section 201 in an amount
22	22	12 equal to the cost incurred by the taxpayer in planting those
23	23	13 cover crops.
24	24	14 (b) In no event shall a credit under this Section reduce
25	25	15 the taxpayer's liability to less than zero. If the amount of
26	26	16 the credit exceeds the tax liability for the year, the excess
27	27	17 may be carried forward and applied to the tax liability of the
28	28	18 5 taxable years following the excess credit year. The tax
29	29	19 credit shall be applied to the earliest year for which there is
30	30	20 a tax liability. If there are credits for more than one year
31	31	21 that are available to offset a liability, the earlier credit
32	32	22 shall be applied first.
33	33	23 (c) As used in this Section, "cover crop" means a plant
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3474 Introduced , by Rep. Amy Briel SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/246 new 35 ILCS 5/246 new
39	39	35 ILCS 5/246 new
40	40	Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the cost incurred by the taxpayer in planting cover crops.
41	41	LRB104 09965 HLH 20035 b LRB104 09965 HLH 20035 b
42	42	LRB104 09965 HLH 20035 b
43	43	A BILL FOR
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49	49	35 ILCS 5/246 new
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53	53	LRB104 09965 HLH 20035 b
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