← All states
Capital Gains Installment Election for Sale of Qualified Farmland (Section 70437 / IRC Section 1062)
Illinois — state programSee program
For tax years beginning after July 4, 2025, taxpayers may elect to pay net income tax attributable to gains from the sale or exchange of qualified farmland property to a qualified farmer in four equal annual installments. Available to individuals and business entities; for partnerships or S corporations, the election is made at the partner or shareholder level.
Program details
- Type
- other
- Eligibility
- Taxpayers selling or exchanging qualified farmland property (U.S. real property used as a farm or leased to a qualified farmer for substantially all of the 10-year period ending on the sale date, subject to a 10-year post-sale farming covenant) to a qualified farmer (any individual actively engaged in farming under 7 U.S.C. §§ 1308-1(b) and (c)).
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.