IL HB2852

Creates a tax credit for agricultural asset owners who lease assets to beginning farmers under agreements approved by the Illinois Finance Authority.

For cash basis leases, credit equals 7% of gross payments received (8% if beginning farmer is a veteran for the first year).

For commodity share basis leases, credit equals 17% of payments from crop or animal sales (18% if beginning farmer is a veteran for the first year).

Defines "beginning farmer" as an Illinois resident with net worth under $703,844 who has farming education/training, adequate working capital and equipment, and assumes financial risk of operations.

Excess credits may be carried forward up to 5 years; credit does not reduce tax liability below zero and applies to earliest available year.