HB 129 — CUVA: Revise Limitations on Leased Property

House Bill 129 revises the lease requirements for bona fide conservation use property (CUVA). The bill allows land to qualify as conservation use property if it is leased to a corporation, partnership, limited corporation, or LLC that is owned by at least one natural or naturalized US citizen, has the primary purpose of subsistence farming, commercial farming, and/or timber production. HB 129 also allows the land to qualify as CUVA if it derives 80 percent or more of its gross income from bona fide conservation uses.