H914 - Farmland Preservation Funding

• Extends the period of deferred taxes from three to four fiscal years when agricultural land loses its preservation classification due to a disqualifying event.

• Requires taxing authorities to remit any deferred taxes exceeding the preceding three years to the Department of Agriculture and Consumer Services within 30 days of collection.

• Credits remitted tax amounts to the Agricultural Development and Farmland Preservation Trust Fund for use in farmland conservation and agricultural development purposes.

• Requires the Department of Transportation to mitigate loss of farmland when acquiring property used for bona fide farm purposes or containing greater than 70% alluvial soil by either depositing twice the land value into the Trust Fund or creating agricultural conservation easements at specified ratios.

• Effective date is July 1, 2015.