Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart G - FARM DEVELOPMENT PROGRAM › Section 1100.700 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Words defined in the Illinois Finance Authority Act and in
				  Section
				  1100.50 have the same
				  meaning when used in this Subpart unless a more specific definition is
				  prescribed in this Section. This Section establishes additional definitions for
				  use in this Subpart only.
"Affiliate" means, with respect to any lender, any person,
				  firm or corporation controlled by, or under common control with, such lender,
				  and any person, firm or corporation controlling such lender. (Section 801-10 of
				  the Act)
"Agribusiness" means any sole proprietorship, limited
				  partnership, co-partnership, joint venture, corporation or cooperative which
				  operates or will operate a facility located within the State of Illinois that
				  is related to the processing of agricultural commodities (including without
				  limitation, the products of aquaculture, hydroponics and silviculture) or the
				  manufacturing, production or construction of agricultural building, structure,
				  equipment, implements, and supplies or any other facilities or processes used
				  in agricultural production. Agribusiness includes but is not limited to the
				  following:
grain handling and processing, including grain storage,
				  drying, treatment, conditioning, milling and packaging;
seed and feed grain development and processing;
fruit and vegetable processing, including preparation,
				  canning and packaging;
processing of livestock and livestock products, dairy
				  products, poultry and poultry products, fish or apiarian products, including
				  slaughter, shearing, collecting, preparation, canning and packaging;
fertilizer and agricultural chemical manufacturing,
				  processing, application and supplying;
farm machinery, equipment and implement manufacturing and
				  supplying;
manufacturing and supplying of agricultural commodity
				  processing machinery and equipment, including machinery and equipment used in
				  slaughter, treatment, handling, collecting, preparation, canning or packaging
				  of agricultural commodities;
farm building and farm structure manufacturing, construction
				  and supplying;
construction, manufacturing, implementation, supplying or
				  servicing of irrigation, drainage and soil and water conservation devices or
				  equipment;
fuel processing and development facilities that produce fuel
				  from agricultural commodities or by-products;
facilities and equipment for processing and packaging
				  agricultural commodities specifically for export;
facilities and equipment for forestry product processing and
				  supplying,including sawmilling operations, wood chip operations,timber
				  harvesting operations, and manufacturing of prefabricated buildings, paper,
				  furniture or other goods from forestry products;
facilities and equipment for research and development of
				  products, processes and equipment for the production, processing, preparation
				  or packaging of agricultural commodities and by-products. (Section 801-10 of
				  the Act)
"Agricultural Facility" means land, any building or other
				  improvement thereon or thereto, and any personal properties deemed necessary or
				  suitable for use, whether or not now in existence, in farming, ranching, the
				  production of agricultural commodities (including, without limitation, the
				  products of aquaculture, hydroponics and silviculture) or the treating,
				  processing or storing of such agricultural commodities when such activities are
				  customarily engaged in by farmers as a part of farming. (Section 801-10 of the
				  Act)
"Agricultural Improvements" means any improvements,
				  buildings, structures or fixtures suitable for use in farming which are located
				  on agricultural land.
"Agricultural Land" means land suitable for use in farming
				  and which is or will be operated as a farm.
"Depreciable Agricultural Property" means personal property
				  suitable for use in farming for which an income tax deduction for depreciation
				  is allowable in computing federal income tax under the Internal Revenue Code (
				  26
				  USC 1 -
				  9042 ).
				  Examples include but are not limited to the following: breeding livestock and
				  poultry, farm machinery, trucks, etc. Feeder livestock, seed, feed, and
				  fertilizer do not qualify as depreciable agricultural property.
"Lender" means any federal or State chartered bank, Federal
				  Land Bank, Production Credit Association, Bank for Cooperatives, federal or
				  State chartered savings and loan association or building and loan association,
				  Small Business Investment Company or any other institution qualified within
				  this State to originate and service loans, including, but without limitation
				  to, insurance companies, credit unions and mortgage loan companies. "Lender"
				  also means a wholly owned subsidiary of a manufacturer, seller or distributor
				  of goods or services that makes loans to businesses or individuals, commonly
				  known as a "captive finance company". (Section 801-10 of the Act)
"Soil or Water Conservation District" means a public body
				  corporate and politic, organized in accordance with the Soil and Water
				  Conservation Districts Act. [70
				  ILCS 405/3.01 ]