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Incentives to Promote Farming and Farmland Protection

Incentives to Promote Farming and Farmland Protection. NY , School Tax Credit – Credit = all school taxes paid on first 250 acres of eligible land. 50% of school taxes on land over the limit. Limitations for NY AGI > $100,000. Property Tax Benefits. Harford Cty, MD Ag Pres. Tax Credit –

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Incentives to Promote Farming and Farmland Protection

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  1. Incentives to Promote Farming and Farmland Protection

  2. NY, School Tax Credit – Credit = all school taxes paid on first 250 acres of eligible land. 50% of school taxes on land over the limit. Limitations for NY AGI > $100,000. Property Tax Benefits

  3. Harford Cty, MD Ag Pres. Tax Credit – In an Ag District – 50% of property tax or $35/acre, whichever is lower. Ag Easement – 100% of property tax or $35/acre, whichever is lower. Property Tax Benefits

  4. MI, “Circuit-breaker” Tax Credit – Farmland and Open Space Preservation Contract (min. 10 years), Credit = all property taxes paid > 3.5% of “household” income, no cap. Property Tax Benefits

  5. CT, Tax Credit for donation of land – Credit = 50% of value of gift (FMV of donation or value of discount) against state income tax. Carry forward available for up to 10 years. Incentives for Conservation Easements

  6. AZ, Tax Credit for donation of land – Credit = Value of gift (donation of fee simple or development rights), up to $33,000/tax year. Any amount of credit not used to offset tax liability is returned as a refund. $10.0 million cap on applications per year per district. Incentives for Conservation Easements

  7. CO, Consv. Easement Tax Credit – Credit = Value of easement, up to $260,000. Credit/refund received limited to $50,000/year. Any amount over annual limit may be carried forward or transferred to another party. Incentives for Conservation Easements

  8. NE, Beginning Farmer Tax Credit – Credit = 5% of gross rental income of agricultural assets leased to a qualified beginning farmer. MA proposal – Credit = full rental income of ag assets leased &/or proceeds of sale of farmland to qualified beginning farmer. $50,000 cap. Unused credit carried over for up to 5 subsequent years. Incentives for New Ag Ventures

  9. Ag Investment Tax Credit Programs. Iowa – Credit = up to 10% of investment. Unused balance carried forward for up to 7 years. Refund option for value-added ag. projects. MO – Credit = 50% of investment up to $15,000. Unused balance can be applied to previous 3 tax years or next 5 tax years, or transferred. Incentives for New Ag Ventures

  10. Ag Investment Tax Credit Programs. ND – Credit = 30% of investment up to $20,000. But, no more than 50% of credit can be used in anyone year and credit may not exceed 50% of tax liability. Carry forward – 15 years. CO – Credit = 50% of investment in a project up to $15,000. No Carry forward. Credit = 100% of contributions to Ag value-added Fund. Full return in credit or refund. Incentives for New Ag Ventures

  11. VA, Proposal (HB 2805). Tied to existing ag districts, covers new and existing ag. operations. Tax credit = 80% of state tax in year 1, 60% of tax due in years 2-10. State sales tax exemptions for 5 years. Authorization for local incentives. Agricultural Enterprise Zones

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