RELATING TO AGRICULTURAL LAND CONVEYANCE TAX.

HB 929 would impose an additional surcharge on the existing conveyance tax for the net capital gain realized when agricultural land is sold or transferred. This tax applies directly to sellers of agricultural land who profit from the sale, such as farmers or landowners. The bill’s key provision is adding this surcharge specifically to the conveyance tax calculation for these transactions. It does not change the base conveyance tax rate but creates a new fee on the capital gain portion of the sale. The bill is currently deferred by the committee and has not been enacted.