SB4193Introduced in the Senate
FARMER TAX BENEFIT ACT
Introduced by Robert Martwick, District 10
What does this bill do?
Plain-English breakdown
Writing a plain-English summary of this bill… this can take a few seconds the first time.
Official description
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.
Where it stands
Added as Co-Sponsor Sen. Dave Syverson
May 28, 2026
How did lawmakers vote?
No recorded vote is available for this bill yet.
Bill history
Filed with Secretary by Sen. Robert F. Martwick
First Reading
Referred to Assignments
Added as Co-Sponsor Sen. Chapin Rose
Added as Co-Sponsor Sen. Sally J. Turner
Added as Co-Sponsor Sen. Paul Faraci
Added as Co-Sponsor Sen. Darby A. Hills
Added as Chief Co-Sponsor Sen. Linda Holmes
Added as Chief Co-Sponsor Sen. David Koehler
Added as Chief Co-Sponsor Sen. Mattie Hunter
Added as Chief Co-Sponsor Sen. Mark L. Walker
Added as Co-Sponsor Sen. Terri Bryant
Added as Co-Sponsor Sen. Laura M. Murphy
Added as Co-Sponsor Sen. Chris Balkema
Added as Co-Sponsor Sen. Mike Porfirio
Added as Co-Sponsor Sen. Suzy Glowiak Hilton
Added as Co-Sponsor Sen. Erica Harriss
Added as Co-Sponsor Sen. Julie A. Morrison
Added as Co-Sponsor Sen. Jil Tracy
Added as Co-Sponsor Sen. Rachel Ventura
Added as Co-Sponsor Sen. Mary Edly-Allen
Added as Co-Sponsor Sen. Laura Ellman
Added as Co-Sponsor Sen. Dave Syverson
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