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DIGEST OF INTRODUCED BILL
Farmstead property tax credit. Provides a farmstead credit against property taxes for certain eligible farms. Provides that the credit is equal to the lesser of: (1) 5% of the property tax liability attributable to the farm's agricultural land and any structures, buildings, or improvements used or intended for use in farming; or (2) $10,000. Provides that the credit is payable from the state property tax replacement fund.