Introduced
by
To authorize individual income tax credits of to $32,000 for an owner who sells a farm or other “agricultural assets” to a “beginning farmer” as defined in the bill, and smaller credits for renting-out the property or assets, subject to approval by specified state officials. It is not clear which party is the intended beneficiary of these selective tax break, or how the “beginning farmer” would benefit from the seller getting favorable tax treatment.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
