The bill creates a tax incentive program to be administered by the
department of agriculture and the department of revenue to encourage local food and beverage retailers to purchase agricultural commodities from local producers practicing regenerative agriculture. For income tax years commencing on or after January 1, 2024, but before January 1, 2029, qualifying retailers that purchase produce and animal products from qualifying local producers are allowed an income tax credit in an amount equal to 25% of the total amount paid for all such purchases by the qualifying retailer in the income tax year in accordance with the requirements and limitations set forth in section 2 of the bill. Section 3 makes a conforming amendment to allow the exchange
between the department of agriculture and the department of revenue of otherwise confidential tax information pertinent to an income tax credit claim allowed pursuant to section 2.
