SB 641 – Creates an income tax deduction for payments received as part of a program that compensates agricultural producers for losses from disaster or emergency

• Sponsor: Schatz
• LR Number: 4738S.01T
• Committee: Ways and Means
• Last Action: 9/14/2016 - Legislature voted to override Governor's veto
• Journal Page: S28
• Effective Date: August 28, 2016
• House Handler: Reiboldt

Current Bill Summary

SB 641 - This act creates an income tax deduction for payments received as part of a program that compensates agricultural producers who have suffered a loss due to disaster or emergency. The deduction will be available for all tax years beginning on or after January 1, 2014.

This act is similar to HB 2169 (2016), HB 771 (2015), and provisions in HCS/SCS/SB 703 (2016), HCS/SCS/SB 131 (2015) and HCS/SB 500 (2015). This act is identical to SCS/SB 374 (2015).

DOMENIC SITA