Connecticut Senate Bill SB00153

Connecticut 2021 Regular Session

• Introduced: 1/15/21
• Refer: 1/15/21

Caption

An Act Exempting From The Personal Income Tax Proceeds From The Sale Of Agricultural Land Development Rights To The State.

Impact

If passed, the bill would amend existing tax statutes to specifically exempt these proceeds from taxation, which would result in a reduction of the tax burden for individuals engaging in such transactions. Proponents argue that this incentive would help to maintain the state's agricultural landscape and support local farmers by augmenting their financial wellbeing. Consequently, this could lead to a long-term positive impact on the environment and agriculture vitality in the region.

Summary

SB00153 is a legislative proposal aimed at exempting the proceeds from the sale of development rights of agricultural land to the state from personal income tax. Introduced by Senator Berthel, this bill seeks to encourage the protection of agricultural land by providing a financial incentive to those who choose to sell their development rights to the state. This move is seen as a way to help preserve open spaces and farmland that may be at risk of development, thus promoting sustainable land use practices.

Contention

Notable points of contention surrounding SB00153 may revolve around the implications of tax exemptions for state revenues. Critics might argue that exempting these proceeds could lead to decreased tax income for the state, which could affect funding for public services. There may also be concerns about whether such a bill disproportionately benefits larger agricultural enterprises over smaller farms and local businesses, raising questions about equity within the agricultural sector. The discussion within legislative sessions is likely to reflect these varying perspectives on economic benefits versus fiscal responsibility.