Illinois Compiled Statutes 35 ILCS 5/232 – Tax credit for agritourism liability insurance
Current as of: 2024 | Check for updates
|
Other versions
(a) For taxable years beginning on or after January 1, 2022 and ending on or before December 31, 2023, any individual or entity that operates an agritourism operation in the State during the taxable year shall be entitled to a tax credit against the tax imposed by subsections (a) and (b) of Section 201 equal to the lesser of 100% of the liability insurance premiums paid by that individual or entity during the taxable year or $1,000. To claim the credit, the taxpayer must apply to the Department of Agriculture for a certificate of credit in the form and manner required by the Department of Agriculture by rule. If granted, the taxpayer shall attach a copy of the certificate of credit to his or her Illinois income tax return for the taxable year. The total amount of credits that may be awarded by the Department of Agriculture may not exceed $1,000,000 in any calendar year.
(b) For the purposes of this Section:
“Agricultural property” means property that is used in whole or in part for production agriculture, as defined in Section 3-35 of the Use Tax Act, or used in connection with one or more of the following:
(1) the growing and harvesting of crops;
(2) the feeding, breeding, and management of
(b) For the purposes of this Section:
Terms Used In Illinois Compiled Statutes 35 ILCS 5/232
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
“Agricultural property” means property that is used in whole or in part for production agriculture, as defined in Section 3-35 of the Use Tax Act, or used in connection with one or more of the following:
(1) the growing and harvesting of crops;
(2) the feeding, breeding, and management of
|
livestock;
|
(3) dairying or any other agricultural or
|
horticultural use or combination of those uses, including, but not limited to, the harvesting of hay, grain, fruit, or truck or vegetable crops, or floriculture, mushroom growing, plant or tree nurseries, orchards, forestry, sod farming, or greenhouses; or
|
(4) the keeping, raising, and feeding of livestock or
|
poultry, including dairying, poultry, swine, sheep, beef cattle, ponies or horses, fur farming, bees, fish and wildlife farming.
|
“Agritourism activities” includes, but is not limited to, the following:
(1) historic, cultural, and on-site educational
(1) historic, cultural, and on-site educational
|
programs;
|
(2) guided and self-guided tours, including school
|
tours;
|
(3) animal exhibitions or petting zoos;
(4) agricultural crop mazes, such as corn or flower
(4) agricultural crop mazes, such as corn or flower
|
mazes;
|
(5) harvest-your-own or U-pick operations;
(6) horseback or pony rides; and
(7) hayrides or sleigh rides.
“Agritourism activities” does not include the following activities:
(1) hunting;
(2) fishing;
(3) amusement rides;
(4) rodeos;
(5) off-road biking or motorized off-highway or
(6) horseback or pony rides; and
(7) hayrides or sleigh rides.
“Agritourism activities” does not include the following activities:
(1) hunting;
(2) fishing;
(3) amusement rides;
(4) rodeos;
(5) off-road biking or motorized off-highway or
|
all-terrain vehicle activities;
|
(6) boating, swimming, canoeing, hiking, camping,
|
skiing, bounce houses, or similar activities; or
|
(7) entertainment venues such as weddings or concerts.
“Agritourism operation” means an individual or entity that carries out agricultural activities on agricultural property and allows members of the general public, for recreational, entertainment, or educational purposes, to view or enjoy those activities.
(c) If the taxpayer is a partnership or Subchapter S corporation, the credit shall be allowed to the partners or shareholders in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code.
(d) In no event shall a credit under this Section reduce the taxpayer’s liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset a liability, the earlier credit shall be applied first.
“Agritourism operation” means an individual or entity that carries out agricultural activities on agricultural property and allows members of the general public, for recreational, entertainment, or educational purposes, to view or enjoy those activities.
(c) If the taxpayer is a partnership or Subchapter S corporation, the credit shall be allowed to the partners or shareholders in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code.
(d) In no event shall a credit under this Section reduce the taxpayer’s liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset a liability, the earlier credit shall be applied first.