New York State is reminding farmers that several tax credit programs are available to help them offset business and labor costs for the 2018 tax season.
The Farm Workforce Retention Credit has increased to $300 per eligible farm employee who works at least 500 hours annually, and it will increase to $500 in the 2019 tax year. The Retention Credit is expected to save farmers an estimated $14 million this year, according to the state.
The Minimum Wage Reimbursement Tax Credit is also available for farms who employ students ages 16-20 who are paid the New York minimum wage.
“The agricultural industry, especially the dairy sector, has experienced some challenging times over the last few years due to a number of factors, including weather and market conditions,” said Richard Ball, commissioner of the state Department of Agriculture, in a news release. “We want to remind our farmers that there are assistance programs available to them and opportunities to reduce costs that will have a meaningful impact on their bottom line.”
For more information about the tax credit programs available for farmers, click here.