Senate Passes Legislation To Cut Taxes For Farmers

The New York State Senate today (Feb. 25) passed two bills that would cut taxes for farmers bringing them millions of dollars in tax relief. The bills sponsored by Senator Patty Ritchie (R-C, Heuvelton) would continue to help preserve the future of family farming in New York and boost the agriculture economy.

Senator Ritchie, chair of the Senate Agriculture Committee, said,
“From putting fresh food on our tables to generating billions of dollars
for New York’s economy and supporting thousands of jobs, the hard work done by family farmers across the state is invaluable to our economy and our future. If we want to continue to see the benefits of their hard work, we need to take steps to support them. These bills will help by cutting the cost of doing business, strengthening farmers’ bottom lines and helping to keep family farms in business, from generation to generation.”

Senator Ritchie and members of the Senate Republican Conference
unveiled their 2016 Planting Seeds initiative earlier this month which
builds upon key elements of the Senate Republicans’ successful Young
Farmers and Grown in New York programs that have been enacted over the last five years.

It would: restore funding to 40 agricultural programs that were cut in the 2016-17 Executive Budget; provide research, education, and marketing assistance; create new tax and regulatory relief; advance initiatives to expand markets, promote quality, and increase food safety; and create job opportunities for veterans and others interested in farming.

Legislation passed today includes:

Estate Tax Reform (S6706) – This measure would speed up the full
phase-in of the estate tax reform enacted in 2014 as part of the Senate’s
Young Farmers initiative to allow farmers to claim the federal exclusion
amount. This bill accelerates and increases the savings to farmers, making it easier to keep farms in the family and transition farm businesses to the next generation; and

Farmer Personal Income Tax (PIT) Exemption (S6707)  – This bill would
reduce taxes on family farmers with incomes up to $350,000 a year by
raising the PIT exemption for small and mid-sized family farms. The
exemption would increase from the current 5 percent to 20 percent, making even more farmers eligible.

The bills will be sent to the Assembly.

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