HB 608 Summary

• Establishes an income tax credit for qualified taxpayers engaged in organic agricultural production, allowing a credit equal to qualified expenses up to a maximum annual amount (amount blank in bill text).

• Defines qualified expenses as costs incurred to produce organically certified agricultural products, including application fees, inspection costs, certification-related travel, equipment, certified organic seeds, and cover crops.

• Limits eligibility to producers and handlers whose gross income from organically produced agricultural products does not exceed $500,000 in the most recently reported fiscal year.

• Requires taxpayers to submit annual certified statements to the Department of Agriculture identifying qualified expenses, and authorizes the Department to verify expenses, maintain records, and certify credits to be filed with tax returns.

• Applies to taxable years beginning after December 31, 2023 and sunsets on December 31, 2033.