IL HB3900

Creates a 10% income tax credit for taxpayers who purchase qualified farm equipment for their own use during taxable years 2016-2021.

Qualified farm equipment includes new or used machinery purchased in Illinois with a minimum purchase price of $100,000, such as tractors, harvesters, sprayers, planters, seeders, spreaders, computers, monitors, sensors, software, and other equipment designated by the Department by rule.

Credit cannot reduce tax liability below zero and may not be carried forward or back to other tax years.

Department of Revenue may designate additional equipment as farm equipment through administrative rules.

Takes effect immediately upon becoming law.