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Committee reviews farm tax changes: $10,000 net‑farm exclusion, capital‑gains carve‑out and current‑use clarification
Summary
The committee discussed changes to income tax and current‑use rules: a proposed exclusion of up to $10,000 of net farm profit from taxable income, a capital‑gains exception for certain intra‑family or employee sales with a 10‑year continuing‑use requirement, and a request to allow donated crops to count toward current‑use qualification.
On April 23 the Senate Agriculture Committee reviewed proposed farm tax provisions that would alter both current‑use qualification and state taxable income calculations for farmers.
Committee counsel described a proposal that would reduce state taxable income by the amount of a taxpayer's net farm profit to the extent such net profit did not exceed $10,000 for the taxable year (a $10,000 exclusion). Counsel said this…
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