New York Senate passes bills that cuts taxes for farmers

Feb 29, 2016

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.

Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.