Mississippi Legislature
2004 Regular Session

Senate Bill 2780

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Bill Text

History of Actions

Background

Title

Description: Income tax; create the Beginning Farmer Tax Credit Act.

Bill Text: [Introduced]

History of Actions:

1 02/20 (S) Referred To Agriculture;Finance
2 03/31 (S) Died In Committee

Background Information:

Effective dateJuly 1, 2004
DispositionDead
DeadlineRevenue
RevenueYes
Vote type requiredThree/Fifths

Senate Committees:

Principal Author: Williamson

Additional Authors: Pickering, Harvey

Title: AN ACT TO CREATE THE BEGINNING FARMER TAX CREDIT ACT; TO CREATE THE BEGINNING FARMER BOARD TO BE HOUSED WITHIN THE DEPARTMENT OF AGRICULTURE AND COMMERCE; TO PROVIDE FOR THE POWERS AND DUTIES OF SUCH BOARD; TO PROVIDE FOR THE MEMBERSHIP OF SUCH BOARD; TO PROVIDE THAT THE BOARD SHALL DETERMINE WHO IS QUALIFIED AS A BEGINNING FARMER OR LIVESTOCK PRODUCER AND TO PROVIDE THE QUALIFICATIONS TO A BEGINNING FARMER OR LIVESTOCK PRODUCER; TO PROVIDE FOR AN ANNUAL REPORT BY THE BOARD; TO AUTHORIZE AN INCOME TAX CREDIT FOR THE OWNER OF AGRICULTURAL ASSETS FOR AGRICULTURAL ASSETS RENTED ON A SHARE-RENTAL AGREEMENT BASIS; TO PROVIDE THAT SUCH CREDIT SHALL BE GRANTED BY THE STATE TAX COMMISSION ONLY AFTER APPROVAL AND CERTIFICATION BY THE BOARD AND A WRITTEN THREE-YEAR SHARE-RENTAL AGREEMENT FOR SUCH ASSETS IS ENTERED INTO BETWEEN AN OWNER OF AGRICULTURAL ASSETS AND A QUALIFIED BEGINNING FARMER OR LIVESTOCK PRODUCER; TO PROVIDE FOR THE AMOUNT OF THE TAX CREDIT; TO REQUIRE THE BOARD TO CONDUCT CERTAIN STUDIES; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 03/31/04 at 12:14.

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