Exempts sales and use taxes on farm equipment and machinery for agricultural use in California.

This bill amends the Revenue and Taxation Code to exempt sales and use taxes on farm equipment and machinery purchased for use by qualified persons in producing and harvesting agricultural products. The exemption does not apply to taxes levied by counties, cities, or districts. The bill defines "qualified person" and "farm equipment and machinery." The exemption is effective from September 1, 2001, and will be repealed on January 1, 2032. The bill also appropriates $200 million to the Controller to reimburse counties and cities for revenue losses.

Exempts sales and use taxes on farm equipment and machinery for agricultural use in California.

This bill amends the Revenue and Taxation Code to exempt sales and use taxes on farm equipment and machinery purchased for use by qualified persons in producing and harvesting agricultural products. The exemption does not apply to taxes levied by counties, cities, or districts. The bill defines "qualified person" and "farm equipment and machinery." The exemption is effective from September 1, 2001, and will be repealed on January 1, 2032. The bill also appropriates $200 million to the Controller to reimburse counties and cities for revenue losses.