HB 40 Summary

• Allows municipalities to partially or totally exempt farm structures from taxation through voter-approved ordinances if owned or leased by active farmers deriving at least 10 percent of yearly gross income from farming

• Exemption applies to structures used for growing, storing, or processing grains, fruits, vegetables, and other crops for human consumption produced by the farmer's operation

• Exemption covers structures for storage or processing of livestock feed, poultry feed, milk, milk products, and facilities for stabling or milking dairy animals

• Defines "farming activity" as raising and harvesting crops, feeding and breeding livestock, dairying, or any combination of these activities

• Provisions expire and are repealed 10 years after the effective date of the Act