Amends State Constitution to decrease acreage required for farmland assessment with certain requirements for valuing farmland under five acres in area.
Directs State Agriculture Development Committee to identify farmland ineligible for county farmland preservation programs, notify owners of State requirements, and invite applications for farmland preservation under State program.
Land use: farmland and open space; relinquishment of farmland from development rights agreements; expand legal arrangements triggering. Amends sec. 36111 of 1994 PA 451 (MCL 324.36111). TIE BAR WITH: SB 0688'25, SB 0690'25, SB 0686'25, SB 0687'25, SB 0685'25
A bill to amend the Internal Revenue Code of 1986 to exclude from gross income capital gains from the sale of certain farmland property which are reinvested in individual retirement plans.