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Tax relief for farmers signed into law

 

Legislation co-sponsored by State Representative Denny Zent (R-Angola) assisting Hoosier farmers was signed into law on Feb. 27 by Gov. Pence. This is the first piece of legislation to be signed in the 2013 legislative session.

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

“Representing a rural area, I recognize the burdensome impact that excessive property taxes have on family farms,” said Rep. Zent. “SEA 319 will lift that burden and allow farmers the opportunity to thrive, and in so doing, continue to move Indiana’s economy forward.”

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.