SB4193

Farmer Tax Benefit Act provides income tax credits for landowners donating land protection agreements or real property interests to conservation.

The Farmer Tax Benefit Act allows landowners to claim an income tax credit for donating land protection agreements or real property interests to conservation agencies. For taxable years ending after December 31, 2027, landowners can apply for a credit equal to 100% of the fair market value of a land protection agreement donation or 50% of the fair market value of a fee simple or remainder interest donation. The credit cannot reduce a taxpayer's liability below zero and can be carried forward for up to 5 years if unused.