The proposed bill, General Assembly Proposed Bill No. 74, aims to establish a tax credit specifically for dairy farmers, amounting to a total of twenty million dollars. This tax credit is intended to help mitigate the financial impact of cyclical downturns in milk prices that dairy farmers experience. The bill seeks to amend the general statutes to incorporate this new financial support mechanism for the agricultural sector.

The statement of purpose clearly outlines the intent behind the bill, emphasizing the need for a tax credit to provide relief to dairy farmers during periods of low milk prices. By introducing this tax credit, the legislation aims to stabilize the income of dairy farmers and support the sustainability of the dairy industry in the state.