Section 16.58. Definitions.

  As used in this subchapter, unless the context otherwise requires:

  1.  “Agricultural assets” means agricultural land, depreciable agricultural property, crops, or livestock.

  2.  “Agricultural improvements” means any improvements, buildings, structures, or fixtures suitable for use in farming which are located on agricultural land.

  3.  “Agricultural land” means land suitable for use in farming.

  4.  “Agricultural producer” means a person that engages or wishes to engage or intends to engage in the business of producing and marketing agricultural produce in this state.

  5.  “Bankhead-Jones Farm Tenant Act” means the Act cited as 50 Stat. 522 (1937), formerly codified as 7 U.S.C. §1000 et seq., repealed by Pub. L. No. 87-128 (1961).

  6.  “Beginning farmer” means an individual, partnership, family farm corporation, or family farm limited liability company, with a low or moderate net worth that engages in farming or wishes to engage in farming.

  7.  “Beginning farmer tax credit program” means all of the following:

  a.  The agricultural assets transfer tax credit as provided in section 16.80.

  b.  The custom farming contract tax credit as provided in section 16.81.

  8.  “Family farm corporation” means the same as defined in section 9H.1.

  9.  “Family farm limited liability company” means the same as defined in section 9H.1.

  10.  “Farming” means the cultivation of land for the production of agricultural crops, the raising of poultry, the production of eggs, the production of milk, the production of fruit or other horticultural crops, grazing, the production of livestock, aquaculture, hydroponics, the production of forest products, or other activities designated by the authority by rules subject to chapter 17A.

  11.  “Low or moderate net worth” means a net worth that does not exceed the maximum allowable net worth established by the authority. The authority shall establish the maximum allowable net worth in accordance with the prices paid by farmers index as compiled by the United States department of agriculture.

  12.  “Production item” includes tools, machinery, or equipment principally used to produce crops or livestock.

  13.  “Qualified beginning farmer” means a beginning farmer who meets the requirements to participate in a beginning farmer tax credit program as provided in part 5, subpart B.

2014 Acts, ch 1080, §48, 78

For future amendment striking subsections 7 and 13, effective January 1, 2018, see 2014 Acts, ch 1080, §117, 125