Creates an exclusion from income tax for the lesser of a percentage of federal adjusted gross income or an amount of federal adjusted gross income earned by a farmer from farming activities. Disallows the deduction of ordinary and necessary business expenses incurred in producing the excluded income. Effective 7/1/2050. (SD1)

Statutes affected:
SB2353: 235-7
SB2353 SD1: 235-2.4, 235-7