HB5892 Summary

• Amends the Illinois Income Tax Act by adding a new deduction for taxpayers selling Illinois agricultural products certified under the "Illinois Product" label program.

• Allows a deduction equal to 5% of the first $1,000,000 in retail sales of certified Illinois agricultural products during the taxable year.

• Deduction is available for taxable years ending December 31, 2012 through December 31, 2017 (six-year period).

• Applies to individuals, corporations, trusts, estates, and partnerships engaged in retail sales of qualifying Illinois agricultural products.