h_fin_2016a_2016-03-16t13:35:59z0 Hearing Summary

Date: 03/16/2016

Representative Court, chair, called the meeting to order. A quorum was present.



01:37 PM -- HB16-1194



Representatives Mitsch Bush and Becker, J., co-sponsors, introduced House Bill 16-1194. The bill creates an income tax deduction for taxpayers that lease an agricultural asset, defined as land, crops, livestock, livestock facilities, farm equipment, grain storage, or irrigation equipment, to a beginning farmer or rancher satisfying certain qualifications. The deduction is available for tax years 2017 through 2019 and is equal to 20 percent of the lease payment received from the beginning farmer or rancher for a lease of agricultural assets with a term of at least three years. Deductions are capped at $25,000 per taxpayer per tax year.



01:48 PM -- Mr. Jim Craig, representing United Veterans Committee of Colorado and Colorado Agrability, testified in support of the bill and answered committee questions.