Posted: Jan 31, 2011 5:17 AM by Bea Karnes
DENVER (AP)-A Republican state lawmaker is trying to restore a state income tax exemption for farmers and ranchers.
Rep. Jerry Sonnenberg of Sterling says agriculture needs the exemptions from sales and use taxes for the agricultural products for livestock and pesticides. The exemption would cost the state $1.3 million this fiscal year ending in June and $3.7 million next year.
State lawmakers suspended the exemption through 2013 to help balance the state budget, which faces a $1.1 billion shortfall next year.
The bill (House Bill 1005) will be heard Monday in the House Agriculture, Livestock & Natural Resources Committee.