Bill > SB168

This bill provides an income and business privilege tax credit for owners of agricultural assets who sell or rent those assets to beginning farmers in Alabama. To qualify as a beginning farmer, an individual must be seeking entry or have entered into farming within the last 10 years, intend to farm land located in Alabama, and meet certain financial and experience requirements. The tax credit is equal to a percentage of the rental income or sale price, up to specified maximums, and must be approved and certified by the Alabama Department of Agriculture and Industries. The department is also responsible for approving and certifying eligible beginning farmers and agricultural asset owners, and providing relevant referrals and assistance. The bill includes reporting requirements on the distribution and utilization of the tax credits.

Budget and Finance