House Bill

HB1003:

Income tax credits for beginning farmers

Sponsor

Bill Primary sponsors

Mayberry

Cosponsors

Filed: 1/9/2023 1:49:46 PM

Original 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. It's designed for farmers with less than 10 years in farming who farm at least 10 acres or make more than $2,500 from agriculture. The credit will vary and the program will be first-come first-served. It's capped at $10 million a year in credits awarded.

Options: In Committee (first chamber)

Status

In House Revenue and Tax

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