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Bill

S 1630

MOMS Act

119th Congress Introduced by Jim Banks and 25 co-sponsors

Bill S 1630 expands agricultural property tax credit eligibility to farmers with at least five-year leases, supporting those who lease land and boosting the farming sector.

Introduced in Senate
0
WeVote Research Nonpartisan
Bill Summary · S 1630

Summary of Bill S 1630

Bill Overview

  • Bill Number: S 1630
  • Title: Extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five years in qualified agricultural property
  • Status: Referred to Budget and Revenue
  • Introduced: January 13, 2025
  • Classification: Bill

Purpose and Intent

The primary purpose of Bill S 1630 is to expand the eligibility criteria for the agricultural property tax credit. This bill aims to support farmers who have a leasehold interest in agricultural property, thereby promoting agricultural activities and sustainability within the farming community.

Key Provisions

  • Eligibility Expansion: The bill specifically allows farmers with a leasehold interest of not fewer than five years in qualified agricultural property to qualify for the agricultural property tax credit.
  • Qualified Agricultural Property: While the bill does not define "qualified agricultural property" in the provided information, it typically refers to land used for agricultural production, including crops, livestock, and other farming activities.

Impact

  • Farmers: This legislation is expected to benefit farmers who lease land for agricultural purposes, particularly those who may not own the land outright but have long-term leases. By extending tax credits to these farmers, the bill aims to alleviate financial burdens and encourage agricultural investment.
  • Agricultural Sector: The bill could potentially stimulate growth in the agricultural sector by making it more financially viable for farmers to operate on leased land, thus promoting food production and rural development.

Procedural Aspects

  • The bill was introduced on January 13, 2025, and has been referred to the Budget and Revenue committee for further consideration. The timeline for subsequent actions or votes on the bill is not specified in the current information.

Related Legislation

  • S 8224: A related bill from a prior session that may address similar issues.
  • S 5920: Another prior-session bill that could be relevant to the context of agricultural tax credits.
  • A 2295: A companion bill that may provide additional insights or provisions related to agricultural property tax credits.

This summary provides an overview of Bill S 1630, highlighting its intent, key provisions, and potential impacts on the agricultural community. Further developments will depend on the legislative process as the bill moves through the Budget and Revenue committee.

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

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