SB 2705 Summary

• Extends the deadline for the Department of Agriculture to certify the important agricultural land qualified agricultural cost tax credit from December 31, 2021 to December 31, 2030.

• Allows taxpayers with accumulated but unclaimed certified credits to continue claiming them in subsequent tax years until exhausted.

• Supports food self-sufficiency by providing tax credits to qualified landowners and farmers to offset costs for establishing and sustaining agricultural operations on important agricultural lands designated by the land use commission.

• Takes effect on July 1, 2050.