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PA HB242
Bill
Status
6/2/2025
Primary Sponsor
Paul Friel
Click for details
AI Summary
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Expands the Beginning Farmer Management Tax Credit to allow both agricultural asset owners and beginning farmers to each claim a 5% credit on the sale price or fair market value of agricultural assets, up to a maximum of $50,000 per farm (increased from the previous $32,000 cap for sellers only)
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Eliminates rental agreements from the tax credit program, limiting the credit to sales transactions only and removing the previous 10% rental income credit option
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Transfers program administration from the Department of Community and Economic Development to the Department of Agriculture
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Allows unused tax credits to be carried forward for up to three taxable years following initial approval, though credits cannot be refunded, sold, or assigned
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Requires the Department of Agriculture to establish a public awareness campaign informing agricultural asset owners and the public about the tax credit program
Legislative Description
In tax credits relating to beginning farmers, further providing for scope of article, for definitions, for beginning farmer management tax credit and for approval of tax credit.
Last Action
Referred to Finance
6/6/2025