BILL WOULD INCREASE IRRIGATION INCENTIVES
A bill aimed at expanding on-farm irrigation by increasing available tax credits has been introduced in the Senate.
SB 257, sponsored by Sen. Arthur Orr, R-Decatur, would increase the maximum tax credit for installing irrigation equipment or converting existing systems from fuel to electricity.
Current law, which went into effect in 2011, limits the irrigation credit to 20 percent of total cost not to exceed $10,000 in tax liability. Orr’s bill would allow farmers to claim the greater of the current provision or 10 percent of accrued cost, not to exceed $50,000 in credit. The credit would expire Dec. 31, 2022.
SB 257 has been assigned to the Senate Agriculture, Conservation and Forestry Committee. Rep. Donnie Chesteen, R-Geneva, is expected to sponsor a similar bill in the House of Representatives.