Senate Considers Beginning Farmer and Rancher Tax Credit
July 20, 2010
ROUNDUP, Mont. - Start a small farm or ranch, or open a new small business in Montana, and get a tax credit worth up to $10,000. That's what's on the table for the U.S. Senate as a "jobs bill" is being debated.
Executive director Chuck Hassebrook of the Center for Rural Affairs says spurring micro-enterprises and entrepreneurship make a lot of sense for job creation, since those kinds of small businesses are credited as being the new job incubators.
"It's for people who create their own job by starting a small business, or get started in farming and ranching. That's the way we've created a lot of opportunity in rural America for over a century."
Hassebrook says the proposal is the first one he's seen that focuses on micro-businesses for rural areas. Read More
There’s no doubt that it’s very difficult for young farmers and ranchers to get started in agriculture. I get asked quite often if I know of any programs that can help so I thought I would pass this on. While the idea has a long ways to go before reaching fruition, it’s good to hear that there are some people who still put value on small rural businesses. ~Troy
Showing posts with label small business. Show all posts
Showing posts with label small business. Show all posts
Wednesday, July 21, 2010
Wednesday, September 16, 2009
Why The Death Tax Needs To Die
Bill would ax estate tax for agriculture
Business-involvement stipulation for heir raises some concerns
By TIM HEARDEN
Capital Press
Farmers and ranchers are supporting a bill in Congress that would exempt certain land from the federal estate tax as long as the property is kept in agriculture.
The bill by U.S. Reps. Mike Thompson, D-Calif., and John Salazar, D-Colo., would deduct from the estate tax the value of farmland in cases where the heir had been involved in the farm operation for five of the past eight years.
The idea pleases ranchers such as California cattle producer Kevin Kester, whose family had to pay $2 million over 10 years to the Internal Revenue Service after his grandfather died in 1993.
"We struggled, and the net result over 10 years was we were not able to invest and reinvest in the ranch or have the employees that we should have," said Kester, who runs cows and grows winegrapes on 22,000 acres near Paso Robles.
Currently, under a tax-relief bill signed by then-President George W. Bush, estates valued at more than $3.5 million, or $7 million for a couple, are taxed at a 45 percent rate. If Congress doesn't act, the rate is set to revert in 2011 to 55 percent on estates worth $1 million or more.
Read More
There is nothing good that comes out of the death tax. It destroys family owned businesses and the jobs they provided. It hits farming and ranching families especially hard. Agriculture is a very capital intensive business which can be valued quite high because of the land involved, yet comes no where close to generating the income required to pay the taxes. In those instances, families are forced to sell part of their farm just to pay the taxes. This type of tax costs our society more than it generates. Do your part and contact your Congressional delegation. Follow the links below to send a message.
If you live in California, use this link:http://bit.ly/1Xj8p
If you live outside of California use this link:http://www.capwiz.com/cfbf/issues/alert/?alertid=14009876&type=cu
Business-involvement stipulation for heir raises some concerns
By TIM HEARDEN
Capital Press
Farmers and ranchers are supporting a bill in Congress that would exempt certain land from the federal estate tax as long as the property is kept in agriculture.
The bill by U.S. Reps. Mike Thompson, D-Calif., and John Salazar, D-Colo., would deduct from the estate tax the value of farmland in cases where the heir had been involved in the farm operation for five of the past eight years.
The idea pleases ranchers such as California cattle producer Kevin Kester, whose family had to pay $2 million over 10 years to the Internal Revenue Service after his grandfather died in 1993.
"We struggled, and the net result over 10 years was we were not able to invest and reinvest in the ranch or have the employees that we should have," said Kester, who runs cows and grows winegrapes on 22,000 acres near Paso Robles.
Currently, under a tax-relief bill signed by then-President George W. Bush, estates valued at more than $3.5 million, or $7 million for a couple, are taxed at a 45 percent rate. If Congress doesn't act, the rate is set to revert in 2011 to 55 percent on estates worth $1 million or more.
Read More
There is nothing good that comes out of the death tax. It destroys family owned businesses and the jobs they provided. It hits farming and ranching families especially hard. Agriculture is a very capital intensive business which can be valued quite high because of the land involved, yet comes no where close to generating the income required to pay the taxes. In those instances, families are forced to sell part of their farm just to pay the taxes. This type of tax costs our society more than it generates. Do your part and contact your Congressional delegation. Follow the links below to send a message.
If you live in California, use this link:http://bit.ly/1Xj8p
If you live outside of California use this link:http://www.capwiz.com/cfbf/issues/alert/?alertid=14009876&type=cu
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