IL HB4857

Creates the Distressed Farmers Act to fund and administer programs for farmers with fewer than 75 acres and less than $500,000 annual gross revenue, or those denied a Farm Service Agency number despite 5+ years of farming.

Authorizes the Department of Agriculture to provide up to $5,000,000 for year-long apprenticeships, up to $5,000,000 for well installation, and up to $10,000,000 for equipment repair and greenhouse construction.

Establishes a tax credit for distressed farmers equal to 100% of qualified farming expenses, capped at $50,000 per taxpayer per year, for taxable years beginning January 1, 2025.

Defines qualified farming expenses as repairs to tractors and vehicles, purchasing or constructing greenhouses, purchasing tractors with attachments, and planting or harvesting food for underserved communities.

Allows excess tax credits to be carried forward and applied to tax liability for up to 5 subsequent taxable years.