Am. Sub. H.B. No. 95 Summary

• Creates temporary income tax credits for beginning farmers participating in approved financial management programs and for businesses that sell or rent agricultural assets to beginning farmers, with a $10 million annual cap through 2027.

• Beginning farmers must meet requirements including being Ohio residents, having net worth under $800,000 (adjusted for inflation), providing majority labor/management, and demonstrating adequate farming experience and profit potential.

• Agricultural asset owners can receive 3.99% tax credits on sale prices or rental income from beginning farmers, and beginning farmers can receive credits for financial management program participation costs.

• Modifies motor vehicle show regulations to permit sales of horse trailers and towing vehicles with gross vehicle weight rating of 6,800+ pounds at shows held during major livestock events, with a 30-day duration limit.

• Permits municipal corporations to abate unpaid taxes, penalties, and interest for qualified property (acquired from state between January 1-December 31, 2020) within 12 months of the effective date.