IL SB3019

Amends the Illinois Finance Authority Act to allow the maximum bond/note amount for agricultural real estate borrowers to exceed current limits if a higher amount is permitted by federal statute or regulation.

Removes the $500,000 net worth cap that previously prohibited individuals with net worth exceeding that amount from receiving bond proceeds for purchasing new depreciable agricultural property.

Maintains existing restrictions prohibiting loans to agribusinesses with more than 100 employees and gross income exceeding $2,000,000, except for research and development purposes or businesses without Illinois facilities.

Takes effect immediately upon becoming law.