IL HB0882

Creates a 10% income tax credit for qualified costs incurred in purchasing and planting qualified trees in Illinois, effective for taxable years beginning January 1, 2019.

Requires a minimum of $100 in qualified costs to claim the credit, with a maximum credit of $1,000 per taxpayer per taxable year.

Allows unused credits exceeding tax liability to be carried forward and applied to tax liability for up to 5 following taxable years, with earlier credits applied first.

Defines "qualified trees" as 13 specified species including black walnut, red oak, white oak, dogwood, various pines, and red mulberry.

Exempts the credit from the automatic sunset provision under Section 250 of the Illinois Income Tax Act, making it permanent.