HB 1151

Bill Subjects

Agribusiness Development Corporation Agricultural Products Agriculture General Excise Tax Exemption Land Leases

Abstract

Requires the agribusiness development corporation to lease agricultural land under its control at the rate of $1 per year until use of the land has resulted in a profit, at which time an annual supplemental lease rent equivalent to an unspecified percentage of the net profit derived from sales of agricultural products produced on the leased land becomes applicable. Exempts a producer of agricultural products from payment of excise tax on the amounts received from sales of agricultural products produced on the leased land.