Bill > S1612

Introduced Session

This bill provides corporation business and gross income tax credits to taxpayers that acquire qualified farming equipment used directly for an eligible farming operation. Specifically, the credits would be for 10 percent of the amount paid during the privilege period or taxable year for the acquisition of farming equipment, but not to exceed 25 percent of the taxpayer's tax liability. In order to claim the credit provided under the bill, a taxpayer would be required to submit an application to the Secretary of Agriculture for certification that the taxpayer is engaged in an eligible farming operation and has acquired qualified farming equipment during the privilege period or taxable year. A copy of the certification would be required to be included with the taxpayer's tax return when such return is filed. The Secretary of Agriculture would be required to establish a process by which applications for certification may be submitted. The bill defines "qualified farming equipment" as any equipment that is used directly for an eligible farming operation and "eligible farming operation" as any activity connected to the commercial growing, harvesting, processing, producing, or raising of agricultural products in the State including crops, dairy animals, livestock, fur-bearing animals, poultry, bees, crops used in fermented alcoholic beverages and wine, and any products therefrom, including organic agricultural products, aquacultural products, horticultural products, and silviculture products.

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Carmen Amato (R)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 01/13/2026)

Official Document