IL HB4849

Creates the Farmer Tax Benefit Act establishing the Illinois Land Protection Credit for taxpayers who donate qualified real property interests to conservation agencies

Provides a 100% tax credit for donations of land protection agreements (conservation easements) or 50% credit for donations of fee simple or remainder interests in qualified real property

Caps individual credits at $500,000 per qualified donation and total annual program credits at $7,500,000, allocated on a first-come, first-served basis

Allows unused credits to be carried forward for 5 years and permits sale, assignment, or transfer of credits to other taxpayers (subject to a 2.5% transfer fee)

Takes effect for taxable years beginning January 1, 2027, with the Department of Natural Resources required to adopt rules within 6 months and submit a program report by December 31, 2032