Incentives to Promote Farming and Farmland Protection.

Slides:

Advertisements

Similar presentations

Working Forest and Conservation Presentation to MD Governors Forestry Commission.

Advertisements

Pennsylvania Farmland Preservation Programs and Initiatives IRWA – February 24, 2010.

Farms and Historic Preservation: Planning for an Agricultural Future Gerry Cohn American Farmland Trust Organic Valley.

Taxes for Working Forests and Tree Farms Rick Hamilton, NC RF Extension Forester, Retired.

Unit 8, part 4 Complex Estate Planning and Tax issues Economic Growth and Tax Relief Reconciliation Act.

Growing into God’s Future How to maximize your tax benefits on donations.

What is the Education Investment Incentives (EIIA) Act? The EIIA is designed to provide much needed relief for tuition paying parents, while also enhancing.

P.L Effective Date: May 22, 2008 FOOD, CONSERVATION, AND ENERGY ACT OF 2008.

TAX BENEFITS FROM CONSERVATION EASEMENTS (Federal and South Carolina) Cary H. Hall, Jr. Wyche, Burgess, Freeman & Parham, P.A. Greenville, SC Copyright.

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Chapter 6 The Tax Environment.

7 - 1 ©2004 Prentice Hall, Inc. Property Dispositions Chapter 7.

Purchase of Agricultural Conservation Easements (PACE) A new program for Wisconsin.

Chapter 05 Itemized Deductions “A person should be taxed according to his means” --The Talmud Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights.

Agricultural Leases Landlord –Tennant Contracts. Farm Lease Agreements Should be equitable for each party Specific language and clear provisions in the.

USING CONSERVATION COVENANTS TO PROTECT PRIVATE LAND Judy Atkins Hillyer Atkins.

2008 Farm Bill Tax Law Changes & Other 2009 Revisions Tax rules that apply to farmers and ranchers. J C. Hobbs Assistant Extension Specialist OSU Dept.

Chapter 4 Lecture 2 Tax Planning and Strategies. Calculating Your Taxes Who has to file an income tax return. Who has to file an income tax return. Choosing.

The Basics  An easement allows the exercise of rights on another’s property  Property illustrated as a bundle of sticks  Executed as a deed  The deed.

Protecting Working Lands: Through USDA Conservation Programs Denise Coleman National Farm and Ranch Lands Protection Program Manager USDA, Natural Resources.

2015 Legislative Session Update: Tax Relief, Tax Law Changes & Tax Credits and Exemptions June 25, 2015 Ryan Rauschenberger Tax Commissioner.

Are Federal Young and Beginning Farmer Loan Programs Hitting the Target? Dr. Ernest Bazen University of Tennessee Department of Agricultural Economics.

Chapter 16 Federal Taxation and Real Estate Finance © OnCourse Learning.

Personal Income Tax Mary B Pearson, CPA Assistant Professor of Accounting.

BA 128A -Agenda 2-22 Questions from lecture Answers on the web Ch1-6, Ch7 will be posted after section Review Section - Wednesday 5-6:30? Office hours.

Standard and Itemized Deductions Page 2 2.

15-1 Individual Tax Consequences of Investment Activity  Timing issues in income recognition  Expenses related to investment activity  Tax basis of.

Randolph, Ch. 15. Conservator Acreage (millions) Federal Gov't40265% State Gov't8514% Local/Regional Gov't % Land Trusts234% Private Land Conservation366%

Trailblazer Camp 2007 START Saving Program  The START Saving Program is an Educational Savings Account and is recognized as a Qualified Tuition Program.

Keeping a Farm a Farm SARE’s 20 th Anniversary New American Farm Conference.

Structures for Investors Presented by: Kerrie-Anne Bailey KAS Tax & Business Solutions Phone: (07) April.

Conservation Easements - a basic overview. Conservation Easement Definition Voluntary legal agreement between a landowner and conservation organization.

S Corporation Chapter 46 Tools & Techniques of Estate Planning Copyright 2011, The National Underwriter Company1 An “S” Corporation is a corporation that.

Health Savings Accounts  Effective 2004  For individuals with high-deductible health plans  Tax-deductible contributions  Tax-free earnings  Tax-free.

NY-3 NY TRAINING IT 201 NEW YORK STATE RESIDENT RETURN REFS NYS PUB 80 NYS PUB 99-IND IT-201 INSTR.

© PKF (UK) LLP Ways for GPs to save tax Andrew Tiplady 26 March 2009.

Taxes for Working Forests and Tree Farms Mark Megalos, Mark Megalos,& Rick Hamilton, NC RF Extension Forester, Retired.

Land Resource Economics Wednesday, Feb. 15. Characteristics of Land Unique – fixed in location Heterogeneous in topography, geology, hydrology, fertility.

Chapter 16 Federal Taxation and Real Estate Finance.

The Experience of Term Agreements in Farm and Ranch Land Protection Programs Bob Wagner, American Farmland Trust.

Guidelines and Applications of grant cycle Lindsay Balance Maximilian Merrill.

Tools for Land Conservation Sarah Richardson, Land Conservation Coordinator Potomac Watershed Forum August 10, 2007.

“ Farmland Protection in the 2012 Farm Bill September 7, 2012.

Federal Income Tax Charitable Contributions. 2 Contributions Problem

Greater Oklahoma City. QUALITY JOBS PROGRAM New jobs to the state Must average county wage or $28,878 whichever is lower Company must achieve $2.5 million.

Reviewed Returns for 20 states (AL, AZ, CO, CT, DC, GA, HI, ID, IL, LA, MA, MD, ME, MO, MS, NM, NY, PA, TX, VA) Created Sample files for 13 states (AL,

20 to 100 ft. for Filter Strips 35 to 300 ft. for Hardwood Trees & Riparian Forest Buffer 35 to 750 ft. for Wetland Restoration Practice widths.

Saving for College in Michigan. WHAT’S NEW –New MET Marketing Campaign “Tomorrow’s Tuition... Set with MET” –2005 MET Enrollment - Sept. 1 to June 15.

TAX CREDITS FOR REVOLVING LOAN FUNDS Authorized by HF 868 of 2005 General Assembly Now in Iowa Code Section 15E.232 Administrative Rules at IDED [261],

Estate Tax Chapter 15 Tools & Techniques of Estate Planning Copyright 2011, The National Underwriter Company1 Tax on transfer of property when a person.

Proposed Tax Strategies for Forestland Conservation.

Personal Income Tax Mary B Pearson, CPA Assistant Professor of Accounting.

MBOI Infrastructure Loan Application Administration & Finance May 27, 2015.

CRITICAL SUCCESS FACTORS (can you answer YES to these questions?) Are the parents ready for a partner? Is the child committed to farming? Is the business.

Agricultural Economics Other Issues in the New Farm Bill Brief Overview of Nutrition and Tax Provisions in H.R Craig Infanger University of Kentucky.

Taxation and YOUR Farm Transition Plans Guido van der Hoeven Dept. of Agricultural & Resource Economics North Carolina State University (919)

2015 Alternative Minimum Tax Presented by Jaimee Hammer, EA.

Kent County, Md. Agricultural Industry Profile for Kent County, Maryland.

Caroline County, Md. Agricultural Industry Profile for Caroline County, Maryland.

Mary B Pearson, CPA Assistant Professor of Accounting

Louisiana’s First Choice for College Access

Corporation Tax Other income Case III, IV, V, and chargeable gains

Individual From AGI Deductions

Robert Cordasco, CPA January,

Individual Deductions

Farm and Ranch Lands Protection Program

Dane County Farmland Preservation Plan Planning Areas

Tax Credit Reform Commission

Small Retailer Property Tax Relief Credit

An Overview of Farmland Protection Tools under The Agricultural Development and Farmland Preservation Enabling Act Theodore A. (Ted) Feitshans Department.

Insured Donation Strategies

Presentation transcript:

Incentives to Promote Farming and Farmland Protection

Property Tax Benefits NY, School Tax Credit – Credit = all school taxes paid on first 250 acres of eligible land. 50% of school taxes on land over the limit. Limitations for NY AGI > $100,000.

Property Tax Benefits Harford Cty, MD Ag Pres. Tax Credit –  In an Ag District – 50% of property tax or $35/acre, whichever is lower.  Ag Easement – 100% of property tax or $35/acre, whichever is lower.

Property Tax Benefits MI, “Circuit-breaker” Tax Credit – Farmland and Open Space Preservation Contract (min. 10 years), Credit = all property taxes paid > 3.5% of “household” income, no cap.

Incentives for Conservation Easements CT, Tax Credit for donation of land – Credit = 50% of value of gift (FMV of donation or value of discount) against state income tax. Carry forward available for up to 10 years.

Incentives for Conservation Easements AZ, Tax Credit for donation of land – Credit = Value of gift (donation of fee simple or development rights), up to $33,000/tax year. Any amount of credit not used to offset tax liability is returned as a refund. $10.0 million cap on applications per year per district.

Incentives for Conservation Easements CO, Consv. Easement Tax Credit – Credit = Value of easement, up to $260,000. Credit/refund received limited to $50,000/year. Any amount over annual limit may be carried forward or transferred to another party.

Incentives for New Ag Ventures NE, Beginning Farmer Tax Credit – Credit = 5% of gross rental income of agricultural assets leased to a qualified beginning farmer.  MA proposal – Credit = full rental income of ag assets leased &/or proceeds of sale of farmland to qualified beginning farmer. $50,000 cap. Unused credit carried over for up to 5 subsequent years.

Incentives for New Ag Ventures Ag Investment Tax Credit Programs. Iowa – Credit = up to 10% of investment. Unused balance carried forward for up to 7 years. Refund option for value-added ag. projects. MO – Credit = 50% of investment up to $15,000. Unused balance can be applied to previous 3 tax years or next 5 tax years, or transferred.

Incentives for New Ag Ventures Ag Investment Tax Credit Programs. ND – Credit = 30% of investment up to $20,000. But, no more than 50% of credit can be used in anyone year and credit may not exceed 50% of tax liability. Carry forward – 15 years. CO – Credit = 50% of investment in a project up to $15,000. No Carry forward. Credit = 100% of contributions to Ag value-added Fund. Full return in credit or refund.

Agricultural Enterprise Zones VA, Proposal (HB 2805).  Tied to existing ag districts, covers new and existing ag. operations.  Tax credit = 80% of state tax in year 1, 60% of tax due in years  State sales tax exemptions for 5 years.  Authorization for local incentives.