It is estimated that livestock rustling costs farming more than $120 million a year.
"Federated Farmers would like to see harsher penalties for crimes such as stock theft, including the threat of losing vehicles and equipment used in the crime as is the case with fisheries prosecutions," Mr Powdrell said.
Mr McKelvie said the bill had the backing of the Government and, if it passed its first reading, it would likely progress after the election.
"I'm hoping it will attract reasonably strong submissions ... rustling is a big issue," Mr McKelvie said.
Rustling did not just affect farmers and their families but also rural communities, he said. "It's intimidating and unsettling ... nobody likes the thought of people running around with guns in the middle of the night."
Federated Farmers said the bill fitted in well with the police announcement that 177 new frontline staff would be posted around the country in the next 12 months, and 880 sworn staff over the next four years. These officers will mean an increase in 24/7 policing in rural areas.