House Bill

HB 1003:

Income tax credits for beginning farmers

Bipartisan

Bill Primary sponsors

Representative Julie Mayberry

Representative Denise Garner

Cosponsors

None

Filed 11.17.22

Full Bill Title

To Create Income Tax Credits for Beginning Farmers and Owners of Agricultural Assets

Summary

What it does

Creates a tax credit for beginning farmers or land owners renting to beginning farmers. Quick facts:

  • Beginning farmer means is new to farming within last 10 years
  • Farms at least 10 acres OR less than 10 acres earning more than $ 2,500 from agriculture
  • Credit varies depending on percentages outlined in bill
  • Program would be first-come, first served
  • Capped at $10 million in total credits awarded per year

Options: Filed, on agenda, passed, failed… (more)

Status

Filed

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