An Act to amend 71.05 (6) (a) 15., 71.10 (4) (i), 71.21 (4) (a), 71.26 (2) (a) 4., 71.30 (3) (f), 71.34 (1k) (g), 71.45 (2) (a) 10. and 71.49 (1) (f); to create 20.835 (2) (dp), 71.07 (8s), 71.28 (8s), 71.47 (8s) and 93.521 of the statutes; Relating to: income tax credits for beginning farmers and owners of farm assets and making an appropriation. (FE)
Impact
If enacted, SB723 will create income tax credits for qualifying individuals, which could significantly impact the financial landscape for new farmers. The provision of these credits is intended to lower the overall tax burden on beginning farmers, thereby making it easier for them to invest in their operations and contribute to local economies. The bill is positioned as a tool for economic development in rural areas, promoting agricultural sustainability and potentially leading to increased food production in the state.
Summary
SB723 proposes a new set of income tax credits aimed specifically at supporting beginning farmers and owners of farm assets. The objective of the bill is to enhance the financial stability and viability of the agricultural sector by providing tax relief to those engaged in farming activities. This bill reflects a growing recognition of the challenges faced by new entrants in the farming industry, including access to capital and resources necessary for successful agricultural practices.
Contention
While supporters of SB723 argue that it will lead to positive outcomes for the agricultural sector, there are concerns about the fiscal impact of the tax credits on state revenues. Critics have raised questions about the efficacy of tax credits in achieving the desired economic growth in farming communities. There are also discussions surrounding equity, as potential disparities between large established farms and smaller, beginning farmers could arise in the implementation of these credits.
Crossfiled
An Act to amend 71.05 (6) (a) 15., 71.10 (4) (i), 71.21 (4) (a), 71.26 (2) (a) 4., 71.30 (3) (f), 71.34 (1k) (g), 71.45 (2) (a) 10. and 71.49 (1) (f); to create 20.835 (2) (dp), 71.07 (8s), 71.28 (8s), 71.47 (8s) and 93.521 of the statutes; Relating to: income tax credits for beginning farmers and owners of farm assets and making an appropriation. (FE)