Bills were championed by Sen. Patty Ritchie
By Diego Flammini
Assistant Editor, North American Content
Farms.com
Farmers in New York are set to receive tax breaks as a result of two bills passed in the State Senate.
The bills, introduced by Senator Patty Ritchie will cut taxes for farmers in relation to estate taxes and income taxes for small and medium sized farming operations.
The first bill, S.6706, would reduce estate taxes on New York farms.
Ritchie was involved in an estate tax reduction two years ago, but it won’t be fully implemented until 2019. The new bill would expedite the process and increase the tax reduction. With farmers averaging 57 years old in New York, the bill is designed to make transitioning to the next generation of farmers easier.
Ritchie, who also chairs the Senate Agricultural Committee, introduced bill S.6707 to reduce taxes on smaller farming operations.
Under the bill, small and mid-sized farmers would be eligible to make the first 20 percent of their income tax free; family farms, partnerships and LLCs with incomes up to $350,000 would also be eligible for tax relief.
The bills are part of the “Planting Seeds” legislative plan, introduced by the Senate Republican Conference on Feb. 9.
The plan includes a variety of measures aimed at improving the agricultural industry including investing in young farmers, creating agricultural opportunities for veterans, increasing food safety and investing in agricultural education.
Before the bills can be officially implemented, they must pass the assembly and be signed into law by Governor Cuomo.