Bill > HB1003

This bill creates income tax credits for beginning farmers and owners of agricultural assets in Arkansas. The key provisions are: 1. The Secretary of the Department of Agriculture is required to certify financial management programs that qualify beginning farmers for the tax credit, establish a procedure for certifying these programs, and maintain a list of certified programs. 2. The bill creates an income tax credit for owners of agricultural assets who sell or rent their assets to beginning farmers, as well as a credit for beginning farmers to cover the cost of participating in a certified financial management program. 3. The tax credit amounts range from 5% of the sale price for asset owners to 15% of the rental income for share rent agreements, and up to the cost of the financial management program for beginning farmers. 4. The total amount of tax credits awarded per year is capped at $10 million, and the credits are awarded on a first-come, first-served basis. 5. The bill sets criteria for the Secretary to certify an individual as a beginning farmer, including requirements related to income, farming experience, and participation in a certified financial management program. 6. The bill also directs the Department of Finance and Administration and the Department of Agriculture to adopt rules to implement the new tax credits.

Budget and Finance

https://www.arkleg.state.ar.us/Bills/Detail?id=hb1003&ddBienniumSession=2023%2F2023R