HB260 Summary

• Limits irrigation equipment and reservoir tax credits to one credit per taxpayer during tax years 2011-2017 and one additional credit during tax years 2018-2022.

• Maintains maximum credit of $10,000 for tax years 2011-2017 and increases maximum to $50,000 for tax years 2018-2022 (available as either 20% of cost up to $10,000 or 10% of cost up to $50,000, whichever is greater).

• Establishes reporting requirements for agricultural businesses claiming credits, including annual informational reports to the Department of Agriculture and Industries before claiming credits on tax returns.

• Allows credit carryforward for up to five years following the year qualified irrigation equipment or reservoir is placed in service if credit exceeds current year tax liability.

• Effective for tax years beginning December 31, 2018 and beyond.