[r69] Tax relief for farmers signed into law

Posted by: Jay Wood  | Wednesday, February 27, 2013

STATEHOUSE — Legislation co-sponsored by State Representative Jim Lucas (R-Seymour) assisting Hoosier farmers was signed into law today by Gov. Pence. This is the first piece of legislation to be signed in the 2013 legislative session.

Senate Enrolled Act (SEA) 319 was fast‐tracked through the House in order to prevent an estimated tax increase of $57 million for farmland across the state.

“This bill is a step in the right direction to examine how farmland is assessed,” said Rep. Lucas. “Farmers risk a tremendous amount of capital to feed Hoosiers. By lowering the tax burden on them, we can see this industry continue to flourish.”

The soil productivity factors used for the March 2011 assessment of agricultural land will remain in place for property taxes payable in 2014, and the new soil productivity factors will not be used until 2015.

SEA 319 also requires the Department of Local Government Finance, with the Purdue College of Agriculture, to submit proposed soil productivity factors to be used going forward by Nov. 1, 2013 to the Commission on State Tax and Financing Policy.

SEA 319 will go into effect on March 1, 2013.

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Rep. Lucas (R-Seymour) represents portions of Bartholomew, Jackson, Jennings and Jefferson counties.