Beginning Farmer Credit- Establishes a new Beginning Farmer Tax Credit program replacing Agricultural Assets Transfer Credit. Also allows farmers with ag assets a tax credit for assisting beginning farmers. Caps the credit at $50,000/year per farmer. Expands replacement program from $6 million to $12 million:FOR, PASSED OUT OF BOTH SUBCOMMITTEES
Property Tax Exemption for Cover Crops- Proposes 50% reduction in property taxes for those planting cover crops, concerns related to funding & impact to be ironed out: MONITORING, UNCHANGED
Fees on Public Utilities for the use of Public Rights-Of-Way- Limiting right-of-way fees to direct/documented costs:FOR, PASSED OUT OF HOUSE SUBCOMMITTEE
Prize Linked Savings- Allows lending institutions to offer promotions for specific savings accounts, as allowed in 29 other states. DYK 44% of Americans don't have $400 saved to cover an emergency expense?:FOR, UNCHANGED
Smart Meters- Allows customers to choose if they would like an analog meter, at no additional charge: MONITORING, PASSED OUT OF HOUSE SUBCOMMITTEE
FUN FACT FRIDAY:
Farm Supply & Grain Cooperatives have nearly 8,000 employees in Iowa with an average annual compensation of almost $64,000.