The bill amends the Natural Resources and Environmental Protection Act, specifically section 36109, to provide tax credits for owners of farmland and related buildings that are subject to development rights agreements or agricultural conservation easements. 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 various entities, including partnerships, corporations, and trusts, and outlines the requirements for claiming the credit, such as filing necessary agreements and documentation.

Additionally, the bill introduces provisions for multiple owners of farmland to claim credits based on their share of property taxes and establishes guidelines for beneficiaries of estates or trusts. It specifies that if the credit exceeds the tax due, the excess amount must be approved for payment to the claimant. The bill also includes stipulations regarding the handling of payments and the consequences of false claims. Overall, the amendments aim to enhance the financial support for agricultural landowners while ensuring compliance with tax regulations.

Statutes affected:
House Introduced Bill: 324.36109