SB818-SSA1,1,7 1An Act to amend 71.05 (6) (a) 15., 71.10 (4) (i), 71.21 (4) (a), 71.26 (2) (a) 4., 71.30
2(3) (f), 71.34 (1k) (g), 71.45 (2) (a) 10., 71.49 (1) (f), 71.58 (intro.), 71.59 (1) (a),
371.59 (1) (b) (intro.), 71.59 (2) (intro.), 71.60 (1) (intro.) and 71.60 (2); to repeal
4and recreate 71.05 (6) (a) 15., 71.10 (4) (i), 71.21 (4) (a), 71.26 (2) (a) 4., 71.30
5(3) (f), 71.34 (1k) (g), 71.45 (2) (a) 10. and 71.49 (1) (f); and to create 71.595 and
671.61 (7) of the statutes; relating to: an income tax credit for the property taxes
7paid on agricultural buildings and improvements.

This bill creates an income and franchise tax credit equal to approximately 66
percent of the taxes levied on buildings and other improvements, not including
residential property, that are located in this state and used exclusively for farming.
The credit is limited to $7,500 for an individual, entity, or married couple filing
jointly. In addition, in order to claim the credit, the claimant must have at least
$35,000 in annual gross income from farming. The person will receive a refund if the
amount of the credit exceeds the person's tax liability. Under the bill, the credit is
part of the farmland preservation credit program under current law.

The bill also allows a taxpayer to claim the credit online in 2020 based on the
the 2019 assessed value of the taxpayer's buildings and other improvements, not
including residential property, that are located in this state and used exclusively for
farming.