This bill amends the General Sales Tax Act of 1933 by adding a new section, 4mm, which provides a tax exemption for the sale of tangible personal property related to large agricultural processing facility projects. Specifically, the bill exempts sales to individuals or businesses involved in the assembly, use, or consumption of property for such projects, as well as those engaged in construction, alteration, repair, or improvement of real estate for these facilities. The exemption applies only to property that will be affixed to or become an integral part of the agricultural processing facility or its infrastructure improvements.

The bill defines "agricultural processing facility" as a facility that processes livestock, agricultural commodities, or plants into goods for consumption, and specifies that a "large agricultural processing facility project" must involve a capital investment of at least $100 million. The intent of this legislation is to encourage investment in agricultural processing facilities by reducing the tax burden associated with the necessary tangible personal property.

Statutes affected:
House Introduced Bill: 205.51, 205.78