In the 2022 State of the State and State Budget, Governor Hochul announced three significant tax credits that are applicable to many farmers in New York:
- The Farm Worker Overtime Tax Credit – reimburses farms for overtime expenses if the threshold is reduced below 60 hours per week
- The Investment Tax Credit – provides a tax credit when farm assets are purchased and placed into service
- The Employee Retention Credit – provides a tax credit based on the number of farm employees working over 500 hours (per year)
These tax credits are all new or expanded, and can bring significant benefits to farms across the state. View the recording below to find out what’s new, what these tax credits cover, and how to apply. Some of these programs are still in development, so we will cover what is known, and what is yet to be determined.
This webinar is presented in collaboration with Farm Credit East, NYS Department of Agriculture & Markets, NYS Department of Taxation & Finance, and Cornell Agricultural Workforce Development.