INC TX-BEGINNING FARMER House SponsorsRep. Lance Yednock 1/10/2023HouseSession Sine Die 35 ILCS 5/232 new Amends the Illinois Income Tax Act. Creates an income tax credit for an owner of an agricultural asset who sells or rents the agricultural asset to a beginning farmer. Provides that the credit shall be equal to: (1) 5% of the lesser of the sale price or the fair market value of the agricultural asset, up to a maximum of $32,000; or (2) 10% of the gross rental income in each of the first, second, and third years of a rental agreement, up to a maximum of $7,000 per year. Provides that the taxpayer shall apply with the Department of Agriculture. Provides that the Department of Agriculture may not approve more than $5,000,000 in credits under those provisions in any one taxable year. Effective immediately. 2/18/2021HouseFiled with the Clerk by Rep. Lance Yednock 2/19/2021HouseFirst Reading 2/19/2021HouseReferred to Rules Committee 3/9/2021HouseAssigned to Revenue & Finance Committee 3/18/2021HouseTo Income Tax Subcommittee 3/27/2021HouseRule 19(a) / Re-referred to Rules Committee 1/10/2023HouseSession Sine Die