2005 House Bill 4257 ↩

House Roll Call 506: Passed

To authorize an income tax or Single Business Tax (SBT) credit based on the property tax rates for the owner of agricultural land who enters a 20-year contract with the state in which he or she agrees to keep the land in agriculture, and not to divide or develop it. The program would only be available if the local government adopts it and also has a "comprehensive land use plan." A landowner could withdraw from the program after 10 or 15 years upon payment of a fee which approximates the tax savings, plus interest.