Iowa SSB3129 amends the beginning farmer tax credit program, adjusting tax credit rates and limits.

Iowa SSB3129 amends the beginning farmer tax credit program by adjusting tax credit rates and limits. The bill modifies the tax credit rates for agricultural lease agreements and installment contracts. For lease agreements, the tax credit rate is set at 10% for fixed cash payments and 12% for agreements lasting four or five years. For installment contracts, the tax credit rate is 5%. The bill also introduces a new limit, restricting taxpayers from receiving more than $250,000 in total tax credits over the program's duration.

Iowa SSB3129 amends the beginning farmer tax credit program, adjusting tax credit rates and limits.

Iowa SSB3129 amends the beginning farmer tax credit program by adjusting tax credit rates and limits. The bill modifies the tax credit rates for agricultural lease agreements and installment contracts. For lease agreements, the tax credit rate is set at 10% for fixed cash payments and 12% for agreements lasting four or five years. For installment contracts, the tax credit rate is 5%. The bill also introduces a new limit, restricting taxpayers from receiving more than $250,000 in total tax credits over the program's duration.