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Finance Committee examines farm tax changes: donation qualification, $10,000 exclusion and capital-gains carve-out
Summary
At the May 16 Finance Committee meeting, Joint Fiscal Office staff summarized the tax provisions in H.484 that would allow donated produce to count toward current-use eligibility, exclude net farm profit under $10,000 from Vermont taxable income, and exempt certain capital gains on farm real-estate transfers to family or long-term employees if the property remains in agricultural use.
At the May 16 Finance Committee meeting, Joint Fiscal Office staff summarized the tax provisions in H.484 that would change current-use eligibility and modify Vermont taxable-income treatment for small farm profits and some farm-real-estate sales.
Jay Sufi of the Joint Fiscal Office told the committee that section 5 would permit donated produce to be counted alongside sales when determining "current use" eligibility for certain small parcels. "If you sell $2,000 or less for a parcel of 25 acres or less, you qualify for use value; this section would allow farmers to also include the…
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