IL HB3772

Creates a 15% income tax credit for taxpayers who donate crops to food banks or charitable organizations in Illinois for tax years beginning January 1, 2015 and later.

Credit applies to donations of agricultural crops grown for sale that are contributed while still usable as food, including when growers have met contract quotas, face reduced buyer orders, or voluntarily donate apparently wholesome food.

Credit is calculated at 15% of the crop's wholesale market price, determined by either the last cash buyer's price or regional market prices if no prior buyer exists.

Excess credits that exceed tax liability can be carried forward and applied to tax liabilities in the following 5 taxable years, with earlier credits applied first.

Credit is exempt from the automatic sunset provision under Section 250 of the Illinois Income Tax Act and takes effect immediately upon enactment.