agricultural production
Amend Bill, page 5, line 6, by striking out all of said line
and inserting
(b) Application.--
(1) The tax credit may be claimed only after
Amend Bill, page 5, lines 8 and 9, by striking out "1804-" in
line 8 and all of line 9 and inserting
1804-H.
(2) An owner of agricultural assets must apply to the
department
Amend Bill, page 5, line 11, by inserting after "department."
The application shall:
(i) identify the beginning farmer who has been
certified by the department under paragraph (3) and to
whom the agricultural assets are sold or rented; and
(ii) specify whether the beginning farmer is a
brother, sister, ancestor or lineal descendant of the
applicant.
(3) A person may apply to the department for
certification that the person is a beginning farmer for
purposes of this article. The application shall be in a form
and manner prescribed by the department and shall require
that the applicant provide:
(i) Projected earnings statements to demonstrate the
profit potential for the farming conducted by the
applicant.
(ii) Verification that the farming conducted by the
applicant will be a significant source of income for the
applicant.
(iii) Verification that the applicant will, if
certified as a beginning farmer by the department, notify
the department if the farmer no longer meets the
certification and eligibility requirements within the
three-year certification period, in which case
eligibility for tax credits ends.
(iv) Verification that the applicant is not engaged
in farming by means of a joint business venture.
(v) Verification and documentation as necessary to
meet other eligibility requirements as may be established
by the department.
Amend Bill, page 5, lines 27 through 29, by striking out "
or" in line 27, all of line 28 and "whichever is later" in line
29
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