HB1936 – Creating a B&O tax credit for farmers participating in conservation programs.
Prime Sponsor – Representative Shavers (D; 10th District; Island County)
Current status – Had a hearing in the House Committee on Energy & Environment January 23rd. Replaced by a substitute limiting the credit to participants in State conservation programs and passed out of committee February 1st. Referred to Appropriations.
Next step would be – Scheduling a hearing.
Legislative tracking page for the bill.
Summary –
The bill would create a tax credit for farmers receiving grant funds from the Washington State Conservation Commission or indirectly from it through a conservation district or other public entity; participating in a Conservation Commission or conservation district conservation program; or participating in a US Department of Agriculture Natural Resources Conservation Service conservation program. It would allow them to treat 25 percent of their expenditures for purchasing new equipment, infrastructure, seed, seedlings, spores, animal feed, and amendments in the previous year as a credit against their business and occupation taxes.They’d be allowed to roll any unused credit over and apply it against their tax bills for the next two years.