This bill establishes tax credits for taxpayers engaged in eligible farming operations who acquire qualified farming equipment. Specifically, it allows a credit equal to 10 percent of the amount paid for such equipment during the privilege period or taxable year, with a cap that prevents the total credits from exceeding 25 percent of the taxpayer's tax liability. To claim the credit, taxpayers must apply to the Secretary of Agriculture for certification, demonstrating their engagement in eligible farming operations and the acquisition of qualified equipment. The Secretary is tasked with creating an application process and must review applications within 90 days, issuing certifications within five days of a determination.

The bill defines "qualified farming equipment" as any equipment used directly for eligible farming operations, which encompass a wide range of agricultural activities, including the growing and processing of various agricultural products. The Secretary of Agriculture, in consultation with the Director of the Division of Taxation, will also adopt necessary regulations to implement the provisions of this act. The bill is set to take effect immediately and will apply to privilege periods and taxable years beginning on or after January 1 of the year following its enactment.