HB1191: Retiring farmers tax credit.

Legislative Summary

Retiring farmers tax credit. Provides an adjusted gross income tax credit for retired farmers who sell or lease farmland or sell livestock to a qualified beginning farmer. Defines "qualified beginning farmer" and "farmland" for purposes of the credit. Allows a taxpayer to apply to the Indiana state department of agriculture (ISDA) for approval and certification of the credit. Allows a beginning farmer to apply to the ISDA for certification as a qualified beginning farmer. Specifies the amount of the credit that may be claimed by a taxpayer. Limits the total amount of tax credits that may be awarded to $1,000,000 per state fiscal year. Sunsets the credit after six years.