Senate Bill 663 Summary

• Allows farmers to exclude up to $50,000 of income derived from agricultural land from state income tax for taxable years 2019-2020.

• Reduces minimum acreage requirements for agricultural land from 10 to 5 acres, horticultural land from 5 to 3 acres, and forestland from 20 to 10 acres to qualify for special property tax classification.

• Expands industrial hemp cultivation license eligibility to include applicants with no drug-related or controlled substance felony convictions in the 10 years prior to application.

• Appropriates $200,000 to North Carolina Agricultural and Technical State University for truffle production research and $300,000 to establish a Truffle Cultivation Grant Fund providing up to $10,000 matching grants to eligible farmers for orchard establishment costs.