Bill > SB0011

This bill amends the Income Tax Act of 1967 to add a new section that provides a tax credit for owners of agricultural assets who sell or rent those assets to beginning farmers. The credit is up to 5% of the sale price or fair market value of the agricultural asset (up to $32,000) or 10-15% of the gross rental income from a qualified rental or share rent agreement (up to $7,000-$10,000 per year for the first three years). The Department of Treasury, in consultation with the Department of Agriculture and Rural Development, is responsible for issuing certificates for the credit and ensuring the total credits do not exceed $5 million per year. The bill also defines key terms like "agricultural assets," "beginning farmer," and "qualified rental agreement."