REVENUE AND TAXATION Ad Valorem Taxation of Property: Provide for a Technical Correction and Clarify Certain Provisions with Respect to an Ad Valorem Tax Exemption for Certain Farm Equipment Owned and Used By Family Owned Qualified Farm Products Producers

Abstract

The Act provides a technical correction to the Code. The Act changes the wording of the ad valorem taxation exemption provision pertaining to farm equipment. The Act clarifies that qualified farm product producers may exempt each owned piece of equipment which fits into a category of equipment mentioned in the Code. The Act also places a restriction on parties that may take advantage of the exemption; the Act specifies that only qualified farm products producers can take advantage of the exemption