State Senator Kim LaSata has introduced legislation designed to help new farmers enter the agriculture business. She tells WSJM News her bill would create a tax credit for existing farmers to give them an incentive to sell or rent land or equipment to new farmers.
“Knowing how difficult it was for my husband and I,” LaSata said. “We were able to find farm property, but having to buy all of the equipment is quite an expense.”
LaSata says this tax credit could make it a little easier for a new farmer to get established. The tax credit would be 5% of the market value of the property or equipment sold, up to $32,000. The idea could also be beneficial to an existing farmer who has a bit more than they need.
“They may be looking to retire, and maybe they don’t have a child that wants to take over the farm. What do they do? Or maybe they just have property that they’re looking to give up a little bit of.”
LaSata says she was joined for committee testimony this week by a first-generation farmer who talked about his experience getting into the business. She says she looks forward to fine tuning the bill in committee and taking it to the full Senate.
