IL SB0279

Creates a new Illinois income tax credit for small farm owners who donate food commodities to food banks or emergency feeding organizations, effective for tax years beginning January 1, 2021

Credit amount equals the lesser of $5,000 or 15% of the value of the donated food commodity

Qualifying small farms must have gross sales under $250,000 per year and be located in Illinois, following USDA Economic Research Service definitions for small family farms, rural-residence family farms, or intermediate family farms

Donated food must meet all federal, state, and local quality and labeling standards but may include items not readily marketable due to appearance, age, freshness, grade, size, or surplus

Excess credits that exceed tax liability may be carried forward for up to 5 taxable years