IL HB3457

Creates a state income tax credit of up to $200,000 for taxpayers who donate qualified real property interests (fee simple, remainder interest, or perpetual conservation easement) to public or private conservation agencies for conservation purposes

Effective for taxable years beginning on or after January 1, 2025, with unused credits eligible to be carried forward for up to 20 consecutive tax years

Allows tax credits to be transferred for consideration to other taxpayers; pass-through entities (partnerships, LLCs, S corporations, trusts) may allocate credits to members proportionally based on ownership interest

Requires pass-through entities to have owned the property for at least 3 years before claiming the credit, unless the entity is substantially owned by an individual or family members

Mandates the Department of Natural Resources to submit a report to the General Assembly within 5 years showing lands protected under the program and the fiscal impact on the state treasury