INDUSTRIAL HEMP ACT

Amends the Illinois Income Tax Act. Sets forth provisions concerning the computation of taxes related to minority and other specific priority population owned business in the State. Amends the Liquor Control Act of 1934. Provides that hemp extract, hemp cannabinoid products, and any other ingredient or product derived from hemp made in compliance with State law or the originating jurisdiction shall be considered fit for human consumption and shall not be considered injurious to health or deleterious for human consumption. Sets forth provisions relating to license holders under the Act as it relates to hemp cannabinoid and cannabinoid products. Amends the Industrial Hemp Act. Establishes provisions that will enable the State to regulate hemp-derived cannabinoids. Sets forth the limitation and penalties concerning the unlawful use of hemp cannabinoid, and distinguishes the lawful use of hemp-derived cannabinoids. Sets forth other provisions concerning licenses and registration of cultivating industrial hemp, rules, administrative hearings and judicial review, loans and grants, immunity, age verification, packaging and labeling of hemp cannabinoid products, laboratory approvals, testing requirements, violations of State and federal law, licensing and regulation of hemp processors and hemp food establishments, academic research institutions, government demonstration and research entity, and cannabinoid retail tax. Limits home rule powers by providing that, except as otherwise provided in the Act, the regulation and permitting of the activities described in the Act are exclusive powers and functions of the State. Defines terms.