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Legislative Year: 2024 Change
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Bill Detail: SB24-152

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Title Regenerative Agriculture Tax Credit
Status House Committee on Appropriations Lay Over Unamended - Amendment(s) Failed (05/14/2024)
Bill Subjects
  • Agriculture
House Sponsors K. McCormick (D)
Senate Sponsors D. Roberts (D)
C. Simpson (R)
House Committee Agriculture, Water and Natural Resources
Senate Committee Agriculture and Natural Resources
Date Introduced 02/07/2024
AI Summary
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.

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