California Code of Regulations › Title 4 - Business Regulations › Division 9.5 - California Debt Limit Allocation Committee › Chapter 12 - Beginning Farmer Program › Article 1 - Definitions › Section 5600 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In addition to the definitions set forth in Government Code
					 section
					 8869.82
					 and unless otherwise required by the context, the following terms as used in
					 this division are defined as follows:
"Agricultural Improvements" means any improvements,
					 buildings, structures or fixtures suitable for use in farming that are located
					 on Agricultural Land. "Agricultural Improvements" do not include personal
					 residences.
"Agricultural Land" means land located in the State of
					 California that is:
. suitable for use in farming and that is or will be
					 operated as a farm, as such term is defined by IRC §
										147(c)(2)(D);
					 and
. that will be acquired by a Beginning Farmer.
"Beginning Farmer" means an individual as defined by IRC
					 §
										147(c)(2)(C).
"Beginning Farmer Bond Application" means the Application
					 titled "Application for an Allocation of the State Ceiling on Qualified Private
					 Activity Bonds for a Beginning Farmer Bond Program" (11-30-18), which is hereby
					 incorporated by reference.
"Beginning Farmer Bonds" means conduit revenue bonds issued
					 as authorized by the State of California that meet the requirements of Internal
					 Revenue Code §§
										144(a) and
					 147(c)-(g).
"Borrower" means a Beginning Farmer who has received
					 Beginning Farmer Bond financing under the Program.
"Depreciable Agricultural Property" means personal property
					 suitable for use in farming for which an income tax deduction for depreciation
					 is allowable in computing federal income tax under the IRC, including but not
					 limited to farm machinery and breeder livestock, but not including feeder
					 livestock, seed, feed, fertilizer and other types of inventory or
					 supplies.
"Federal Maximum" means the maximum amount of a loan that
					 federal law allows to be financed under the Program. This amount may be
					 adjusted for inflation in future calendar years as provided for in IRC §
										147(c)(2)(H).
"Financed Property" means property which is financed
					 through the Beginning Farmer Program.
"Related Person" means a person or entity other than the
					 Borrower as defined by IRC §§
										144(a)(3) and
					 147(a)(2).
"Substantial Farmland" means any parcel of land as defined
					 by IRC §
										147(c)(2)(E).
1. New
					 chapter 12 (articles 1-3, sections
					 5600-5640), article 1 (section
					 5600) and section filed 7-10-2014
					 as an emergency; operative 7-10-2014 (Register 2014, No. 28). A Certificate of
					 Compliance must be transmitted to OAL by 1-6-2015 or emergency language will be
					 repealed by operation of law on the following day.
2. Certificate of
					 Compliance as to 7-10-2014 order transmitted to OAL 11-26-2014 and filed
					 1-13-2015 (Register 2015, No. 3).
3. Amendment of definition of
					 "Beginning Farmer Bond Application" filed 12-15-2016 as an emergency pursuant
					 to Government Code section
					 8869.94;
					 operative 12-15-2016 (Register 2016, No. 51). A Certificate of Compliance must
					 be transmitted to OAL by 6-13-2017 or emergency language will be repealed by
					 operation of law on the following day.
4. Amendment of definition of
					 "Beginning Farmer Bond Application" refiled 5-30-2017 as an emergency pursuant
					 to Government Code section
					 8869.94;
					 operative 6-14-2017 (Register 2017, No. 22). A Certificate of Compliance must
					 be transmitted to OAL by 9-12-2017 or emergency language will be repealed by
					 operation of law on the following day.
5. Reinstatement of section
					 as it existed prior to 12-15-2016 emergency amendment by operation of
					 Government Code section
					 11346.1(f)
					 (Register 2017, No. 38).
6. Amendment of definition of "Beginning
					 Farmer Bond Application" filed 10-13-2017; operative 10-13-2017 pursuant to
					 Government Code section
					 11343.4(b)(3)
					 (Register 2017, No. 41).
7. Change without regulatory effect
					 amending definition of "Beginning Farmer Bond Application" filed 1-16-2019
					 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2019, No. 3).
Note: Authority cited: Section
						8869.94,
						Government Code. Reference: Sections
						8869.84(c),
						8869.85(a)
						and
						8869.85(b),
						Government Code.