43-1180. Credit for taxpayers participating in
agricultural preservation district
A. For taxable years beginning from and after December 31, 2000 and ending before
January 1, 2006, a credit is allowed in lieu of any other deduction or credit against
taxes imposed by this title for a taxpayer who owns property classified as class two
property under section 42-12002 and who conveys ownership or development rights of the
property to an agricultural preservation district under section 48-5702. Except as
provided in subsection B of this section, the amount of the credit is either:
1. The appraised value of the property if the taxpayer conveys the ownership of the
property to the district.
2. The difference between the appraised value of the undeveloped land and the
appraised value of the land for development purposes if the taxpayer conveys the
development rights of the property to the district.
B. To receive a tax credit under this section, a taxpayer must apply to the
agricultural preservation district, on a form prescribed by the district, on or before
January 15 following the calendar year in which the conveyance or close of escrow
occurred. On or before February 15, the district shall review and determine the
qualification for and amount of the credit for each taxpayer and issue a certificate to
each qualifying applicant stating the appraisal amount and the amount of the credit. The
taxpayer shall claim the credit on the next tax return filed after receiving the
certificate from the district. The district shall not certify tax credits under this
section in any calendar year exceeding thirty-three thousand dollars. If qualifying
applications exceed thirty-three thousand dollars, the district shall proportionately
reduce the amount of the credit awarded to each taxpayer
C. Co-owners of the property, including corporate partners in a partnership, may
each claim only the pro rata share of the credit allowed under this section based on the
ownership interest. The total of the credits allowed all such owners may not exceed the
amount that would have been allowed a sole owner.
D. If the allowable tax credit exceeds the taxes due under this title on the
claimant's income, or if there are no taxes due under this title, the amount of the claim
not used to offset the taxes under this title shall be paid in the same manner as a
refund granted under section 42-1118. Refunds made pursuant to this section are subject
to setoff under section 42-1122.
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