One of their main priorities will be helping farmers pass their operations to the next generation. New York State can do this by increasing the estate tax exemption limit from $1 million to $5 million, which would match the federal government limit. This would mean that many farmers would not have to sell part of their farms just to pay the estate taxes when the farm has been passed to them.
Other items on the Farm Bureau’s agenda include decreasing the agriculture assessment cap from 10% to 2%, setting up a tax-free Farm Savings Account and establishing a training wage for high school temporary workers. And let’s not forget that the state still needs to raise the CAFO (essentially a state imposed tax on the number of cows on a farm) cap from 200 to 300 head per farm.