HF 242: Relating to agricultural lease agreements entered into by eligible taxpayers and qualified beginning farmers participating in the beginning farmer tax credit program, by allowing an eligible taxpayer’s unused tax credit to be transferred to the qualified beginning farmer, and including effective date provisions

What it does

GENERAL. This bill amends provisions in Code chapter 16, subchapter VIII, part 5, which establishes the beginning farmer tax credit program (program). The program applies to an eligible taxpayer (taxpayer) and qualified beginning farmer (beginning farmer) who have entered into an agricultural lease agreement (agreement). Under the bill, an agreement may allow the taxpayer to transfer unused taxpayer’s tax credits to the beginning farmer for the number of years in which their agreement is effective.

Lobbying · 2 for, 1 against

For: Center for Rural Affairs; Iowa Farmers Union

Against: Iowa Chapter of Sierra Club

In plain words

1. January 27, 2021Filed in the House and sent to the Agriculture committee