The proposed bill, General Assembly Proposed Bill No. 901, aims to amend current statutes to exempt farm machinery and vehicles that are used exclusively for agricultural purposes from both state and property taxes. This legislative change is intended to provide financial relief to farmers and promote agricultural activities by reducing the tax burden associated with the ownership and operation of essential farming equipment.

The bill introduces new legal language that specifies the exemption for farm machinery and agricultural vehicles, while no deletions from existing law are noted in the text provided. The overarching goal of this legislation is to support the agricultural sector by alleviating some of the financial pressures faced by farmers, thereby encouraging the growth and sustainability of farming operations within the state.