South Carolina bill proposes income tax deductions for farmers selling or leasing land to beginning farmers.

The bill proposes to amend the South Carolina Code of Laws to allow income tax deductions for farmers who sell, lease, or enter into crop-share agreements with beginning farmers. A "beginning farmer" is defined as someone who has filed one to ten IRS Schedule F forms since turning eighteen. The deduction is limited to the amount of capital gains or cash-rent income received, up to $25,000, and is subject to certain conditions and limitations. The bill specifies different percentages for deductions based on the amount of capital gains, with the highest percentage for the first $2 million.

South Carolina bill proposes income tax deductions for farmers selling or leasing land to beginning farmers.

The bill proposes to amend the South Carolina Code of Laws to allow income tax deductions for farmers who sell, lease, or enter into crop-share agreements with beginning farmers. A "beginning farmer" is defined as someone who has filed one to ten IRS Schedule F forms since turning eighteen. The deduction is limited to the amount of capital gains or cash-rent income received, up to $25,000, and is subject to certain conditions and limitations. The bill specifies different percentages for deductions based on the amount of capital gains, with the highest percentage for the first $2 million.