IL HB3301

Creates an income tax credit for taxpayers who donate crops to food banks or charitable organizations in Illinois, effective for taxable years beginning January 1, 2017.

Allows a credit equal to 15% of the wholesale market price value of donated crops, provided the amounts have not been deducted for federal tax purposes.

Permits excess credits to be carried forward and applied to tax liability for up to 5 subsequent taxable years, with credits applied to the earliest year with available tax liability.

Defines eligible crops as agricultural products for human consumption, including bedding plants, orchard stock, and livestock; requires donations to qualified 501(c)(3) organizations that distribute food to children, homeless, unemployed, elderly, or low-income individuals.

Exempts this credit from the automatic sunset provision in Section 250 of the Illinois Income Tax Act.