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i_yfarmers_2017a_2017-08-10t09:01:25z6 Hearing Summary

Date: 08/10/2017

Location: SCR 357

Final

Expansion of Tax Credit for Sale of Land or Equipment



YOUNG AND BEGINNING FARMERS


Votes: View--> Action Taken:
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11:48 AM -- Expansion of Tax Credit for Sale of Land or Equipment



Ben Rainbolt, Rocky Mountain Farmers Union, Colorado Agricultural Development Authority (CADA), distributed a brochure regarding the Beginning Farmer Loan Program (Attachment G). Bill Midcap, CADA, described the CADA and stated that it is governed by seven board members and has a mission of encouraging the investment of private capital in the agricultural sector through the use of public financing for low-interest loans. Mr. Midcap discussed CADA's Beginning Farmer Loan Program, which was created through House Bill 16-1234 and involves a three-way transaction between the lender, the borrower, and CADA.



170810 AttachG.pdf170810 AttachG.pdf



11:54 AM



Mr. Midcap discussed the loan program and responded to questions from the committee regarding the increased demand for loan certificates by young and beginning farmers. Mr. Rainbolt and Mr. Midcap responded to questions from the committee regarding the residency requirement of the loan program. Mr. Rainbolt responded to questions about the availability of loans to interested farmers and ranchers and the loan approval process. Mr. Rainbolt responded to questions from the committee regarding the promotion for the loan program and ways to increase the promotion of and demand for the program.



12:03 PM



The committee recessed for lunch.