Provides that, if the credit exceeds the amount of income tax due for the taxable year, the excess amount may be carried forward as a tax credit against subsequent years' income tax liability for a period not exceeding 5 years and shall be applied first to the earliest years possible. Requires documentation of the value of the agricultural land, agricultural equipment, agricultural residential improvements, and livestock for which such credit is claimed.
Capital letters indicate new material to be added to existing statute.
Dashes through the words indicate material to be deleted from existing statute. Credit for estate tax payment attributable to 2 agricultural land, equipment, residential improvements, and livestock 3 - definitions.