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Installment Payment Election for Capital Gains from Sale of Qualified Farmland Property (Section 1062)
Illinois — state programSee program
For tax years beginning after July 4, 2025, taxpayers may elect to pay the net income tax attributable to gain from the sale or exchange of qualified farmland property to a qualified farmer in four equal annual installments, with the first installment due on the return's due date (without extension).
Program details
- Type
- other
- Eligibility
- Individuals and business entities (including partnerships and S corporations at the partner/shareholder level) selling qualified farmland property—real property in the United States used as a farm or leased to a qualified farmer for substantially all of the 10-year period ending on the sale date—to a qualified farmer, subject to a 10-year farming covenant
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.