H.B. 830 Summary

• Clarifies that taxpayers can claim the important agricultural land qualified agricultural cost tax credit in the third taxable year after applying to the Department of Agriculture for first-year certification, rather than in any taxable year.

• Extends the expiration date for the Department of Agriculture to certify new credits from December 31, 2021, to December 31, 2030.

• Allows taxpayers with accumulated but unclaimed certified credits to continue claiming them in subsequent taxable years after the December 31, 2030 certification deadline.

• Maintains the three-year credit structure with amounts of 25% of qualified agricultural costs (up to $625,000) in year one, 15% (up to $250,000) in year two, and 10% (up to $125,000) in year three.

• Takes effect upon approval.