FL S0286

Establishes a new tax credit for agricultural businesses that produce farm products and implement carbon farming practices to reduce, sequester, and mitigate greenhouse gas emissions.

Credits amount to be determined by the Secretary of Environmental Protection in consultation with the Department of Revenue director and Commissioner of Agriculture, based on the economic value of carbon farming using USDA COMET-Planner and other quantification tools.

Department of Revenue certifies taxpayer eligibility and issues final certificate; taxpayer cannot claim credit exceeding the amount listed on the certification.

Unused credit in any taxable year may be carried forward for up to 3 years and applied after other tax credits in the order specified in statute.

Requires Department of Revenue to adopt rules for administration including application procedures, qualification guidelines, and evidence requirements; effective July 1, 2020.