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SB24-152

Regenerative Agriculture Tax Credit

Concerning an income tax credit for qualifying food and beverage retailers in the state that source ingredients from local producers practicing regenerative agriculture.
Session:
2024 Regular Session
Subject:
Agriculture
Bill Summary

The bill creates a tax incentive program to be administered by the department of agriculture and the department of revenue to encourage local food and beverage retailers to purchase agricultural commodities from local producers practicing regenerative agriculture. For income tax years commencing on or after January 1, 2024, but before January 1, 2029, qualifying retailers that purchase produce and animal products from qualifying local producers are allowed an income tax credit in an amount equal to 25% of the total amount paid for all such purchases by the qualifying retailer in the income tax year in accordance with the requirements and limitations set forth in section 2 of the bill. Section 3 makes a conforming amendment to allow the exchange between the department of agriculture and the department of revenue of otherwise confidential tax information pertinent to an income tax credit claim allowed pursuant to section 2.
(Note: This summary applies to this bill as introduced.)

Status

Introduced
Under Consideration

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Sen. D. Roberts, Sen. C. Simpson
Rep. K. McCormick

Sponsor

Co-sponsor

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The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details