The 2022-23 New York State Budget included three significant tax credits that could be applicable to many farmers in New York. Farm Credit East, the New York Departments of Agriculture and Markets and Taxation and Finance, and Cornell Agricultural Workforce Development presented a webinar regarding these tax credits on June 21.
The Investment Tax Credit and Farm Workforce Retention Credit have been expanded and the budget also included a Farm Worker Overtime Tax Credit which would take effect if the farm worker overtime threshold is reduced below 60 hours per week. All three credits could bring benefits to farms across the state. Find out what’s new, what the tax credits cover and how to use them, and what’s known at this time about the overtime credit.
Contact Chris Laughton at (800) 562-2235 or Chris.Laughton@farmcrediteast.com for more information.