Bills › 89th General Assembly
Relating to the beginning farmer tax credit program, by modifying participation and lease agreement requirements and tax credit amounts, and including effective date provisions
Where it is now
- Done: IntroducedFebruary 9, 2021
- Done: SubcommitteeFebruary 16, 2021
- Stopped: Senate committeeDied when the General Assembly ended
- Next: Passes the Senate
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
GENERAL.81(4)). Under the program, a tax credit is awarded to a taxpayer who transfers agricultural assets to a beginning farmer by agricultural lease agreement (agreement). The transferred agricultural assets include agricultural land and improvements, as well as depreciable agricultural property.81). LEASE OF AGRICULTURAL LAND WHICH INCLUDES IMPROVEMENTS (BUILDINGS).58(1), (2), and (3)).79A(1)). PARTICIPATION IN THE PROGRAM —— FROM TO YEARS.79A(3)). The extended years of participation apply retroactively to a taxpayer previously approved by the authority to participate in the program.
Read the full explanation
PARTICIPATION IN THE PROGRAM —— TAX CREDIT CERTIFICATES AND AWARDS.81(6)).82(5)). BACKGROUND.79(2)). The amount of the tax credit depends upon the type of payment arrangement provided in the agreement, including a fixed amount (5 percent of cash rent payment) or some form or risk-sharing between the parties (15 percent of the market price of the commodity produced on the leasehold). A taxpayer may claim the tax credit in the applicable tax year up to the taxpayer’s liability.82(7)). EFFECTIVE DATE. The bill takes effect on January 1, 2022.
Senate subcommittee
Named February 16, 2021. It hasn’t reported yet.
- Sen. Dan Dawson REmail
- Sen. Tim Goodwin R
- Sen. T. Taylor
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Similar bills
- HF 484 Relating to the beginning farmer tax credit program, by modifying participation and lease …89th General Assembly · Renumbered as HF 694Nearly identical
Matched by wording or an identical title.