Bill > HB06547

This bill proposes to establish a property tax credit for farmers that would provide a 20% tax credit on qualified investments in agricultural production assets. Specifically, the tax credit would apply to expenditures made by eligible farmers for agricultural property such as machinery, equipment, and buildings used in farming operations. By offering this tax credit, the bill aims to provide financial support to farmers by reducing their property tax burden when they make significant investments in their agricultural infrastructure and equipment. The credit would effectively lower the overall tax liability for farmers who purchase or upgrade farm-related assets, potentially encouraging agricultural investment and supporting the agricultural sector's economic sustainability. The bill would amend title 12 of the general statutes to implement this new tax credit program, which could help farmers manage their operational costs and invest in modernizing their farming capabilities.

Budget and Finance, Housing and Urban Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB06547&which_year=2025