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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
Quotes
What’s been said
Arkansas Farm Bureau: “We were part of drafting this proposed legislation in the last session and have had conversation with Rep. Mayberry in advance of her filing.
“Our sense is any help that can be provided to new and beginning farmers is a benefit to the industry and to the state.” – Steve Eddington, spokesperson (ADG)
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