SF 291: Relating to the beginning farmer tax credit program, by modifying participation and lease agreement requirements and tax credit amounts, and including effective date provisions

What it does

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.

Senate subcommittee · named February 16, 2021

• Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
• Sen. Tim Goodwin (R)
• Sen. T. Taylor

Lobbying · 3 for, 1 against

For: Iowa Farmers Union; Iowa Hemp Association; Iowa Institute for Cooperatives

Against: Iowa Chapter of Sierra Club

In plain words

1. February 9, 2021Filed in the Senate and sent to the Ways and Means committee
2. February 16, 2021Senate subcommittee named: Dawson, Goodwin and T. Taylor