Farmers Tax Benefit in NY: Expansion of Bill That Lawmakers Proposes

Bipartisan Efforts for Tax Benefit Expansion

Farmers Tax Benefit in NY: Expansion of Bill That Lawmakers Proposes (PHOTO: WAMC)

Closing the Housing Gap in Farming Communities

Democratic Assemblymember Marianne Buttenschon and Republican Senator Jim Tedisco have led a bipartisan campaign in Albany, New York, to present a new bill that would increase the state’s 20% investment tax benefitfor farmers. The goal of the proposed legislation is to increase the tax credit’s reach to include the expenses of building housing for farm laborers—a vital but often disregarded component of agricultural operations.

Farm housing is now excluded from the current investment tax credit program, which creates what the New York Farm Bureau‘s director of public policy, Jeff Williams, refers to as a loophole. Williams draws attention to the discrepancy that allows farmers to claim tax credits for their investments in luxurious homes for staff members but not for basic infrastructure like barns used to house cattle. In order to ensure that farmers can obtain tax credits for investments in farm labor housing, the proposed measure seeks to correct this disparity.

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Addressing Housing Needs in New York State

The governor of New York, Kathy Hochul, has emphasized the urgent need for more housing options in the state and given this problem top priority in the state’s final budget. Senator Tedisco, who views the legislation as a complementing action in addressing the housing problem, has noted that her proposal to develop 15,000 housing units on state property is in line with the goals of the proposed bill.

Given the complexity of the housing crisis, Senator Tedisco highlights the necessity for a comprehensive strategy to solve the issues related to housing in New York State. He sees the proposed legislation as an essential part of a larger plan to address the housing problem and improve people’ quality of life in general.

Advocates for the legislation stress its potential economic benefits, particularly for the agricultural sector. Williams highlights the significance of the investment tax credit in supporting farmers and stimulating economic growth, particularly in light of the declining number of farms in New York State over the past five years. Senator Tedisco underscores the bipartisan nature of the proposed bill, emphasizing its potential appeal across party lines. He expresses hope for swift passage of the legislation, recognizing its importance in addressing pressing housing concerns and bolstering support for the state’s agricultural community.

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