Idaho lawmakers are advocating a change in the state tax code by calling for a new tax credit for farmers and ranchers who provide additional processing facilities within the state.
The House bill, brought by two Democrats, Rep. Donna Pence, of Gooding, and Sen. Roy Lacey, of Pocatello, would allow for a taxpayer to claim a tax credit 30 percent of “the amount invested by the taxpayer in qualified businesses during the taxable year.”
The director of the Idaho Department of Commerce would certify whether or not a business qualifies for the tax credit. The director would also be responsible for ensuring compliance within the tax code for businesses to follow regarding the tax credit.
Pence says the tax credit would be targeted toward the agricultural sector in the state.
The bill will be introduced in the House Revenue and Taxation Committee, as all tax proposals are required to start in the House. (IdahoReporter.com)