AN ACT ESTABLISHING A TAX CREDIT FOR DAIRY FARMERS.

Plain English Breakdown

The source text does not specify the time period for the $20 million limit (e.g., per year or total lifetime of the program).

Tax Credit Act for Dairy Farmers

This bill establishes a total of $20 million in tax credits for dairy farmers to help offset cyclical downturns in milk prices.

What This Bill Does

• Establishes a new tax credit program specifically for dairy farmers.
• Sets the total amount available for these credits at twenty million dollars.

Who It Names or Affects

• Dairy farmers who receive payments based on milk prices that experience cyclical downturns.

Terms To Know

Tax credit

An amount of money that reduces the total tax a person or business must pay to the government.

Aggregate

The total sum combined, which in this case is twenty million dollars for all eligible farmers together.

Limits and Unknowns

• The text does not explain how individual farmers will qualify or apply for the credit.
• It is unclear if the $20 million limit applies to one year or multiple years.
• The bill does not define what counts as a 'cyclical downturn' in milk prices.

Official Summary Text

To establish a tax credit in the amount of twenty million dollars in the aggregate for dairy farmers, to offset cyclical downturns in milk prices paid to such farmers.

Current Bill Text

LCO No. 112 1 of 1

General Assembly Proposed Bill No. 74
February Session, 2026 LCO No. 112

Referred to Committee on FINANCE, REVENUE AND
BONDING

Introduced by:
SEN. HARDING, 30th Dist.

AN ACT ESTABLISHING A TAX CREDIT FOR DAIRY FARMERS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

That the general statutes be amended to establish a tax credit in the 1
amount of twenty million dollars in the aggregate for dairy farmers, to 2
offset cyclical downturns in milk prices paid to such farmers. 3
Statement of Purpose:
To establish a tax credit in the amount of twenty million dollars in the
aggregate for dairy farmers, to offset cyclical downturns in milk prices
paid to such farmers.