HB3662 - Tennessee: Agriculture

Companion Bill SB3437. Agriculture - Broadens exemption from retailer sales tax on personal property for qualified farmers and nurserymen, based on the amount of agricultural products produced each year. - Amends TCA Title 43; Title 44 and Title 67. Fiscal Summary for HB3662 / *SB3437Decrease State Revenue - Exceeds $4,000,000 Decrease Local Revenue - Exceeds $1,000,000 Bill Summary for HB3662 / *SB3437 Under present law, sales of farm equipment and machinery to qualified farmers or nurserymen are exempt from the sales tax. One criterion by which a person can qualify as a qualified farmer or nurseryman is if the person is the owner or lessee of agricultural land from which $1,000 or more of agricultural products were produced or sold during the year, including payments from government sources. This bill reduces the minimum amount [...]

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