Magee announced he has introduced legislation that will lighten the tax burden on the small and moderate-sized farms at the heart of our state’s economy.
“Family-owned and modestly sized farms are essential to New York agriculture,” Magee said. “As chair of the Assembly’s Agriculture Committee, I am focused on making sure we do everything we can to support the hardworking men and women who put food on our tables.”
Magee introduces measures to cut taxes for farmers
Magee announced he has introduced legislation that will lighten the tax burden on the small and moderate-sized farms at the heart of our state’s economy.
“Family-owned and modestly sized farms are essential to New York agriculture,” Magee said. “As chair of the Assembly’s Agriculture Committee, I am focused on making sure we do everything we can to support the hardworking men and women who put food on our tables.”
Magee’s (Chairman - Assemby Agriculture Committe) introduced measures would:
1 speed up tax reforms that were made in 2014 to eliminate the estate tax and help make sure that as family farms are passed down, each new generation is positioned for success (A.9471).
2. Another bill increases the personal income tax exemption from 5 percent to 20 percent and
3. raises the farm income eligibility threshold to provide more relief to small farm business owners (A.9466). The legislation has already passed the Senate.
About nine out of 10 New York State farms are considered to be small, and more than 89 percent are owned by families or family-held corporations.. These initiatives will help protect our small businesses and keep family farms operating for generations to come, Magee noted.
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