SB 0013
Individual income tax: credit; beginning farmer tax credit; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 279.
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- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill creates a new state income tax credit for beginning farmers in Michigan. The credit can be claimed for the sale of agricultural assets to a beginning farmer or for the rental of those assets under specific agreements. The amount of the credit varies depending on whether it’s for a sale or a rental, with a maximum of $32,000 for sales and $7,000, $10,000, or $17,000 for rentals, respectively. To qualify, taxpayers must obtain a certificate from the Department of Agriculture and Rural Development and provide proof of the qualifying transaction.
Sponsors
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Primary sponsor
Joseph N. Bellino Jr.
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