WeVote
Log In

Bill

Bill

HB 7175

AN ACT ESTABLISHING A FARM INVESTMENT TAX CREDIT AND INCREASING THE FARM MACHINERY PROPERTY TAX EXEMPTION AMOUNT.

2025 Regular Session Introduced by Tim Ackert and 11 co-sponsors

Overview: HB 7175, AN ACT ESTABLISHING A FARM INVESTMENT TAX CREDIT AND INCREASING THE FARM MACHINERY PROPERTY TAX EXEMPTION AMOUNT, is currently at FILE NO. 887. It was introduced

FILE NO. 887
#agriculturallands #agriculturalmachinery #corporationbusinesstaxcredits #incometaxpersonalexemptions(state) #municipalities #propertytax #propertytaxassessors #propertytaxexemptions #taxcredits
0
WeVote Research Nonpartisan
Bill Summary · HB 7175

Overview: HB 7175, AN ACT ESTABLISHING A FARM INVESTMENT TAX CREDIT AND INCREASING THE FARM MACHINERY PROPERTY TAX EXEMPTION AMOUNT, is currently at FILE NO. 887. It was introduced on March 06, 2025.

Purpose and Intent: The bill aims to provide tax incentives to support and encourage investment in the state's agricultural sector, including the purchase of farm machinery and equipment.

Key Provisions:
- Establishes a new Farm Investment Tax Credit, allowing corporations to claim a credit against their state income tax for qualified investments in agricultural operations
- Increases the property tax exemption amount for farm machinery and equipment from $100,000 to $150,000
- Requires the state's property tax assessors to use a standardized methodology when valuing agricultural land and machinery

Affected Parties and Impacts: The bill benefits farmers, agricultural businesses, and corporations that invest in the state's agricultural sector. It is intended to spur economic growth and support the viability of the state's farming industry.

Procedural and Timeline Considerations: The bill is currently at FILE NO. 887 and has not yet been voted on or signed into law.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.