Connecticut Senate Bill SB00071

Connecticut 2025 Regular Session

• Introduced: 1/8/25
• Refer: 1/8/25

Caption

An Act Concerning A Connecticut Farmer Investment Tax Credit.

Impact

If enacted, SB00071 will directly impact state tax laws by introducing a new category of tax credits specifically for farmers. This initiative is expected to encourage investment in local agriculture, enhance productivity, and support the sustainability of farming operations within Connecticut. By alleviating some of the financial burdens that farmers face, the bill could stimulate growth and innovation in the sector, ultimately benefiting local economies and communities.

Summary

SB00071, titled An Act Concerning A Connecticut Farmer Investment Tax Credit, seeks to establish a farmer investment tax credit designed to provide financial relief to agricultural producers in Connecticut. Modeled after New York State's Farmers and Refundable Tax Credit Program, this bill aims to incentivize farming activities by offering targeted tax benefits to eligible farmers. The intention behind this legislation is to bolster the agricultural sector, which plays a crucial role in the state’s economy and food supply chain.

Contention

Discussions surrounding SB00071 may potentially revolve around the allocation of funds and the criteria for qualification for the tax credits. Some stakeholders might express concerns over how these tax benefits are structured and whether they adequately address the needs of all farmers, especially smaller operations that often struggle to compete with larger entities. The bill could draw scrutiny regarding its effectiveness in truly supporting the intended beneficiaries without unintended consequences or disparities in access to the credits.