Posted: Feb 1, 2011 6:03 AM by Bea Karnes
Updated: Feb 1, 2011 6:04 AM
DENVER (AP)-Farmers and ranchers could be seeing a tax break on insecticides and other farm products.
The House Agriculture Committee on Monday approved a bill to waive sales taxes on some agricultural products. The exemption would cost the state $1.3 million this fiscal year ending in June and $3.7 million next year.
State lawmakers suspended the exemption through 2013 to help balance the state budget, which faces a $1.1 billion shortfall next year.
The bill (House Bill 1005) next goes to the full House for consideration.