Bill Text | History of Actions | Background | Title |
Description: Income tax; create the Beginning Farmer Tax Credit Act.
Bill Text: [Introduced]
| 1 | 02/12 (S) Referred To Finance | |
| 2 | 02/26 (S) Died In Committee |
| Effective date | July 1, 2003 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Williamson
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.
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2003/html/History/SB/SB2923.htm