State Representative Sarah Fowler-Arthur (R-Ashtabula) recently voted on the House Floor to support House Bill 95, legislation she co-sponsored. The Intent of this legislation is to create the Beginning Farmer Tax Credit Program.
In addition to creating the Beginning Farmer Tax Credit Program this legislation will also permit an income tax credit for established farmers who sell or rent farm assets such as farmland, livestock, buildings or equipment to beginning farmers who take a qualified financial management course.
“Ohio was built on its hardworking farmers and we must do what we can to encourage more young people to become involved in the agriculture industry, House Bill 95 will do just that,” said Fowler Arthur.
The tax credit as defined by the bill is limited to five years and allows up to $10 million for the total amount of tax credits awarded throughout the life of the program.
House Bill 95 will head to the desk of Governor DeWine for his signature after its recent passage out of the Ohio House of Representatives.