Indiana Senate Bill 176

---

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 9 2024 - 25% progression
Action: 2024-01-09 - First reading: referred to Committee on Tax and Fiscal Policy
Pending: Senate Tax and Fiscal Policy Committee
Text: Latest bill text (Introduced) [PDF]

Tax credit for beginning farmers. Provides an adjusted gross income tax credit for owners of agricultural assets who sell or rent agricultural assets to a qualified beginning farmer. Defines "qualified beginning farmer" and "agricultural assets" for purposes of the credit. Allows a taxpayer to apply to the Indiana economic development corporation (corporation) for approval and certification of the credit. Allows a beginning farmer to apply to the corporation for certification as a qualified beginning farmer. Provides that the credit is equal to: (1) the lesser of 5% of the sale price or fair market value of the agricultural asset or $32,000; or (2) 10% of the gross rental income in each of the first, second, and third years of the rental agreement, up to a maximum of $7,000 per year. Limits the total amount of tax credits that may be awarded in a state fiscal year to: (1) $5,000,000 in state fiscal year 2024-2025; and (2) $6,000,000 in state fiscal year 2025-2026, and each state fiscal year thereafter.

Tax credit for beginning farmers.

Sen. Shelli Yoder [D]

Date	Chamber	Action
2024-01-09	Senate	First reading: referred to Committee on Tax and Fiscal Policy
2024-01-09	Senate	Authored by Senator Yoder

Type	Source
Summary	https://iga.in.gov/legislative/2024/bills/senate/176/details
Text	https://iga.in.gov/pdf-documents/123/2024/senate/bills/SB0176/SB0176.01.INTR.pdf
Supplement	https://iga.in.gov/pdf-documents/123/2024/senate/bills/SB0176/fiscal-notes/SB0176.01.INTR.FN001.pdf