What are the tax benefits to farming?
Farmers are exempt from paying sales tax on purchases of supplies used in farming. Some farm buildings are wholly or partially exempt from property taxes and once a farm generates over $10,000 in sales, the land can also receive a property tax exemption. Income tax exemptions kick in once farm income becomes 2/3 of total income. If you’re farming in NY, you can find more information about how to take advantage of these programs from the Business Considerations section of the Guide to Farming in NY.
If you farm in another Northeast state, you may find the specific tax benefits for your state in another Guide to Farming publication (scroll to the bottom of that page).
ejf5@cornell.edu category: FAQs, Taxes & Regs
posted: 04/16/12 10:50 AM by ejf5@cornell.edu
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