Illinois Administrative Code › Title 17 - CONSERVATION › Part 528 - LANDOWNER PERMITS › Section 528.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Bona fide current income beneficiary" means, an individual
				who, at the time of application for a permit:
is entitled to income (whether income exists or not) from the
				trust that owns the land the applicant wishes to hunt with no condition
				precedent (such as surviving another person, reaching a certain age, etc.)
				other than the trustee distributing the income; and
is listed by name in the trust documents as an income
				beneficiary.
"Bona fide equity member" means an individual who:
became a member upon the formation of the limited liability
				company, or has purchased a distributional interest in a limited liability
				company for a value equal to the percentage of the appraised value of the
				limited liability company assets represented by the distributional interest in
				the limited liability company and subsequently becomes a member of the company
				pursuant to Article 30 of the Limited Liability Company Act [805 ILCS 180];
				and
intends to retain the membership for at least 5 years.
"Bona fide equity partner" means an individual who:
became a partner, either general or limited, upon the formation
				of the partnership, or has purchased a distributional interest in the
				partnership or limited partnership for a value equal to the percentage of the
				appraised value of the partnership assets represented by the distributional
				interest in the partnership;
intends to retain ownership of the partnership for at least 5
				years; and
is a resident of Illinois. Nonresident partners cannot receive
				permits under this Part.
"Bona fide equity shareholder" means an individual who:
purchased, for market price, publicly sold stock shares in a
				corporation, purchased shares of a privately-held corporation for a value equal
				to the percentage of the appraised value of the corporate assets represented by
				the ownership in the corporation, or is a member of a closely-held family-owned
				corporation and has purchased or been gifted with shares of stock in the
				corporation accurately reflecting his or her percentage of ownership;
				and
intends to retain ownership of the shares of stock for at least
				5 years.
"Commercial agriculture" means utilization of land for the
				raising of hay, grain crops or livestock for profit. A hunting rights lease, or
				other nonagricultural lease, is not valid as a basis for obtaining a landowner
				or tenant permit.
"Immediate family of a landowner, tenant, or a bona fide
				current income beneficiary" means, and is limited to, the spouse, children,
				brothers, sisters and parents permanently residing on the same property as the
				landowner, tenant, or bona fide current income beneficiary.
"Landowner permit", "tenant permit" or "property only hunting
				(POH) permit" means any permit issued under this Part to any individual or
				entity for purposes of hunting only on the property owned or leased by that
				individual or entity.
"Tenant" means, for purposes of this Part, an Illinois resident
				who rents 40 acres or more of land for commercial agricultural purposes under
				an agreement with a landowner.