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Senate Agriculture weighs letting horse operations qualify for current-use tax break
Summary
The Senate Agriculture Committee heard tax department staff recommend defining equine-related income (boarding, lessons, leasing, breeding, sales) as farm income for current-use enrollment if it constitutes at least 50% of gross income for smaller parcels; fiscal impacts will be updated and language sent to legislative counsel for the miscellaneous bill.
At a committee meeting, the Senate Agriculture Committee heard from the Department of Taxes about a proposed change that would let certain horse operations enroll in the state's current-use tax program if the activity produces farm income rather than hobby income. Tax department staff said the change would be implemented by adding equine-related activities to the statutory definition of farming and applying the existing income test for parcels under 25 acres.
The departments presenter, Jill Ramik, said the recommended approach focuses on income: "farming income can include income related to these items," and listed "boarding, training, lessons, leasing, breeding and…
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