HB21-1158 Summary

• Reorganizes sales and use tax exemptions for agriculture, livestock, and special fuels by consolidating previously scattered exemptions into a unified section 39-26-716(4).

• Exempts from state sales and use taxes the sale and storage/use/consumption of special fuel used for farm vehicle operations on farms and ranches, as well as all sales and purchases of farm equipment.

• Requires lessors or sellers of farm equipment valued at $1,000 or more to obtain signed affidavits from lessees, renters, or purchasers confirming the equipment will be used primarily and directly in farm operations.

• Updates local sales tax ordinance requirements to cross-reference the reorganized farm equipment exemption provisions, allowing towns, cities, and counties to adopt matching exemptions only by express inclusion in their ordinances.

• Takes effect 90 days after final adjournment of the general assembly, subject to referendum petition provisions.