Bill > HB1936

This bill proposes a new tax credit for farmers in Washington state. Starting in 2025, farmers who meet certain criteria related to receiving grant funds or participating in conservation programs can claim a 25% credit against their business and occupation (B&O) tax for eligible expenses, such as the purchase of new equipment, infrastructure, and agricultural inputs. The credit can be carried forward for up to two years, but no refunds will be granted. The bill also includes a tax preference performance statement, indicating that the purpose of the credit is to incentivize increased farmer participation in conservation programs, and that the legislature intends to extend the expiration date of the tax preference if it achieves this goal.