Colo. ag product tax break getting signed into law
FORT MORGAN — Gov. John Hickenlooper plans to sign a bill that reinstates a tax break on agricultural products for farmers and ranchers.
Hickenlooper is scheduled to sign the proposal in Fort Morgan today morning during a ceremony with Republican lawmakers who sponsored House Bill 1005.
The tax break applies to pesticides, animal medicine and other livestock products farmers and ranchers buy. A bill signed into law last year suspended those tax exemptions until June 30, 2013 but the bill Hickenlooper will sign reinstates the tax breaks now.
Restoring the tax exemption is estimated to cost the state about $3.7 million next fiscal year.
The measure was part of this year’s state budget compromise.
Read the bill: http://goo.gl/KJ6Pk