It was primary week for Colorado Republicans, but that didn?t stop the legislature from working. Committees were suspended on Tuesday so that Republican lawmakers could return home to caucus, but the rest of the week was packed full enough for them to get in more than there 40 hours worth of work.
One of those bills that Farm Bureau is prioritizing was up on Wednesday afternoon in the House Finance Committee. HB-1042 is sponsored by Rep. Sal Pace and will create a tax credit for individuals who inherit agricultural land. Until the estate tax is permanently repealed, it will always be threat to the preservation of the family farm. Troy Bredenkamp was there to testify on the bill and said, ?When estate taxes on an agricultural business exceed cash and other liquid assets, surviving family partners are often forced to sell land, buildings or equipment needed to keep their businesses operating.?
For those of us trying to preserve our livelihood and pass it on to the next generation the estate tax is a threat. This bill, in the event that the estate tax is reestablished at the federal level, will help in this endeavor with the new tax credit. In addition, if the tax credit exceeds the tax liability then the state will write a check for the difference. As Bredenkamp explained, HB-1042 is a simple measure ?to help the next generation of farmers and ranchers stay in the business of agriculture and improve their opportunity to stay on the farm.? We were glad to see it pass out of committee.
The other major focuses for Farm Bureau this week happened early. In the House Local Government Committee two bills, HB-1173 and HB-1176, that would have impaired a mineral right owner?s access to his property were killed. CFB opposes both measures. The other focus CFB had was HB-1125, Cost of Care for Impounded Animals. This bill passed out of the House Ag Committee and is now headed to Appropriations.
That was about it for the week. There is sure to be more to come next week. Remember, you can always keep up to date by following the Bill Tracking Sheet, the Colorado Farm Bureau Facebook page or follow @agrilobby on twitter. Have a great weekend everyone and see you next week!
Source: http://coloradofarmbureau.com/2012/02/legislative-weekly-round-up/
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