INC TX-BEGINNING FARMER House SponsorsRep. Randy E. Frese 1/10/2017HouseSession Sine Die 35 ILCS 5/224 new Amends the Illinois Income Tax Act. Creates a credit for each taxpayer who is an agricultural asset owner who leases that agricultural asset to a beginning farmer. Provides that, if the lease is on a cash basis, the tax credit shall be shall be 7% of the gross amount paid to the taxpayer during the taxable year under the agreement, and if the lease is on a commodity share basis, the credit shall be equal to 17% of the amount paid to the taxpayer from crops or animals sold under the agreement in which the payment is exclusively made from the sale of crops or animals. Provides for an increased credit if the beginning farmer is a veteran. Effective immediately. 2/27/2015HouseFiled with the Clerk by Rep. Randy E. Frese 2/27/2015HouseFirst Reading 2/27/2015HouseReferred to Rules Committee 3/12/2015HouseAssigned to Revenue & Finance Committee 3/13/2015HouseTo Income Tax Subcommittee 3/27/2015HouseRule 19(a) / Re-referred to Rules Committee 1/10/2017HouseSession Sine Die