Bill > HB4765

This bill amends Section 36109 of the Natural Resources and Environmental Protection Act to make the language regarding farmland and open space preservation tax credits gender-neutral. It allows individual owners, partners in partnerships, shareholders in S corporations, and members of limited liability companies who own farmland and related buildings subject to certain development rights agreements, agricultural conservation easements, or purchases of development rights to claim a credit against their state income tax or business tax liability for property taxes that exceed 3.5% of their total household resources or adjusted business income, respectively. The bill also provides details on how the credit is calculated and administered. The bill's enactment is tied to the passage of a related joint legislative resolution.