HI HB1151

Amends Section 163D-7 to authorize the Agribusiness Development Corporation to lease agricultural land to eligible farmers and ranchers at $1 per year until the agricultural use becomes profitable, then requiring supplemental annual rent equal to an unspecified percentage of net profit from agricultural product sales.

Exempts producers of agricultural products from excise tax on amounts received from sales of agricultural products produced on lands leased under the new program.

Allows the corporation to secure additional lands for farmer and rancher leases from other public agencies under Section 163D-16.

Amends Section 237-24.3 to add sale of agricultural products produced on corporation-leased lands as an additional non-taxable activity under general excise tax provisions.

Requires the Board of Agriculture to adopt necessary rules by September 1, 2022, and establishes an effective date of July 1, 2021.