HB1191: A BILL FOR AN ACT to amend the Indiana Code concerning taxation.
Page last updated: Sunday, April 20, 2025 at 7:19 PM (America/Indianapolis).
General Information
- Stage: Introduced House Bill (H)
- Current Chamber: house
- Origin Chamber: house
- Description: Retiring farmers tax credit.
Legislators
Authors (1)
Coauthors (1)
Sponsors (0)
Cosponsors (0)
Advisors (0)
Conferees (0)
Actions (3 total)
- Jan 27, 2025, 10:41 AM: Representative Criswell added as coauthor
- Jan 8, 2025, 6:37 AM: First reading: referred to Committee on Ways and Means
- Jan 8, 2025, 6:37 AM: Authored by Representative Culp
Digest
Provides an adjusted gross income tax credit for retired farmers who sell or lease farmland or sell livestock to a qualified beginning farmer. Defines "qualified beginning farmer" and "farmland" for purposes of the credit. Allows a taxpayer to apply to the Indiana state department of agriculture (ISDA) for approval and certification of the credit. Allows a beginning farmer to apply to the ISDA for certification as a qualified beginning farmer. Specifies the amount of the credit that may be claimed by a taxpayer. Limits the total amount of tax credits that may be awarded to $1,000,000 per state fiscal year. Sunsets the credit after six years.