STERLING, Colo.—Gov. John Hickenlooper signed a Republican proposal to reinstate a tax break on agricultural products for farmers and ranchers.
Hickenlooper signed the bill into law Monday at a business in Sterling.
The tax break applies to pesticides, animal medicine and other livestock products that farmers and ranchers buy. A law passed last year suspended those tax exemptions until June 30, 2013, but Republicans argued that was a burden on businesses. The bill Hickenlooper approved reinstates the tax breaks.
Republican Rep. Jerry Sonnenberg, R-Sterling, says the tax break puts Colorado agriculture on a level playing field with other states.
Restoring the tax exemption will cost the state an estimated $3.7 million next fiscal year.
The measure was part of this year’s state budget compromise.
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