SB 503 Modifies reporting and eligibility requirements for certain agricultural tax credits
Sponsor: Clemens
LR Number: 2141S.01I Fiscal Note:
Committee: Ways & Means
Last Action: 2/14/2007 - Second Read and Referred S Ways & Means Committee Journal Page: S258
Title: Calendar Position:
Effective Date: August 28, 2007

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Current Bill Summary

SB 503 - This act makes the Family Farm Breeding Livestock Loan tax credit subject to the same reporting requirements as what is required for agricultural tax credits under the Tax Credit Accountability Act. The act also requires new generation cooperatives to report under the Tax Credit Accountability Act, when an agricultural tax credit is issued as a result of a producer member investing in the cooperative.

The act adds the requirement that a new generation cooperative must operate within the state in order to be eligible for either the Agricultural Product Utilization Contributor tax credit or the New Generation Cooperative Incentive tax credit.

This act is similar to HB 840 (2007).