INC TX-BEGINNING FARMER House SponsorsRep. Lance Yednock-Dan Swanson 1/7/2025HouseSession Sine Die 35 ILCS 5/234 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 may not approve more than $5,000,000 in credits under those provisions in any one taxable year. Effective immediately. 1/23/2023HouseFiled with the Clerk by Rep. Lance Yednock 1/31/2023HouseFirst Reading 1/31/2023HouseReferred to Rules Committee 7/25/2023HouseAdded Chief Co-Sponsor Rep. Dan Swanson 1/7/2025HouseSession Sine Die