INC TX-YOUNG FARMERS
Summary
Amends the Illinois Income Tax Act. Provides that each taxpayer who qualifies as a young farmer is allowed a credit of $1,000 for the taxable year in which the taxpayer first purchases real property that will be used for agricultural production. Provides that the term "young farmer" means an individual who is 35 years of age or younger and who derives a minimum of 50% of his or her income from farming. Effective immediately.
Bill status
failed
1 of 4 stages cleared
Introduction
Feb 2014
Committee Review
Floor Vote
Governor
Introduced Feb 14, 2014
Last action Dec 3, 2014
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
4
Key actions
0
Committee
1
Feb 14, 2014
Committee
Referred to Rules Committee
lower
0 primary · 1 co-sponsor
Sponsors
No sponsor information available.
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