HB16-1194

HB16-1194 - Income Tax Deduction For Leasing Out Ag Asset

Passed/Signed into Law
Concerning A Temporary Income Tax Deduction For A Portion Of Lease Payments Received By A Qualified Taxpayer For Leasing The Taxpayer's Agricultural Asset To An Eligible Beginning Farmer Or Rancher.

The bill allows an income tax deduction for specified income tax years if a qualified taxpayer enters into a qualified lease with an eligible beginning farmer or rancher, in an amount specified in a deduction certificate issued by the Colorado agricultural development authority that is equal to 20% of the lease payments received from the eligible beginning farmer or rancher as specified in the qualified lease, not to exceed a specified amount per income tax year, for a maximum of 3 income tax years. The bill also specifies that the Colorado agricultural development authority may not issue more than 100 deduction certificates in an income tax year and that the authority must require that a copy of the schedule F that the eligible beginning farmer or rancher filed with the eligible beginning farmer's or rancher's federal income tax return be included as part of the application for a deduction certificate.

Latest update: June 8, 2016
06/08/2016 Governor Signed
05/18/2016 Sent to the Governor
05/17/2016 Signed by the President of the Senate
05/17/2016 Signed by the Speaker of the House
05/06/2016 Senate Third Reading Passed - No Amendments
05/06/2016 Senate Third Reading Reconsidered - No Amendments
05/06/2016 Senate Third Reading Lost - No Amendments
05/05/2016 Senate Second Reading Special Order - Passed - No Amendments
05/05/2016 Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole
05/05/2016 Senate Committee on Finance Refer Unamended to Appropriations
04/29/2016 Introduced In Senate - Assigned to Finance
04/29/2016 House Third Reading Passed - No Amendments
04/28/2016 House Second Reading Special Order - Passed - No Amendments
04/28/2016 House Committee on Appropriations Refer Unamended to House Committee of the Whole
03/16/2016 House Committee on Finance Refer Unamended to Appropriations
02/22/2016 House Committee on Agriculture, Livestock, & Natural Resources Refer Unamended to Finance
02/03/2016 Introduced In House - Assigned to Agriculture, Livestock, & Natural Resources + Finance