The bill amends the Natural Resources and Environmental Protection Act to provide tax credits for owners of farmland and related buildings who are subject to development rights agreements or agricultural conservation easements. Specifically, it allows these owners to claim a credit against their state income tax liability for property taxes exceeding 3.5% of their total household resources, as defined in the state income tax act. The bill also clarifies the definitions of ownership for partners in partnerships, shareholders in S corporations, and members of limited liability companies, ensuring that they can claim credits based on their proportional share of property taxes.

Additionally, the bill introduces provisions for multiple owners of farmland to claim credits based on their share of property taxes and outlines the process for claiming credits if the allowable amount exceeds the state income tax due. It also specifies that payments for credits must be issued to the county treasurer and the claimant, with conditions for handling delinquent taxes. The bill includes various insertions and deletions to update legal language and definitions, ensuring clarity and compliance with current tax regulations.

Statutes affected:
House Introduced Bill: 324.36109