Dr. Richard Stup, CCE-Agricultural Workforce Development Program, Ithaca, New York With the 2022-23 Budget Act, New York state government created a new tax credit that will essentially cover the cost of overtime for farm employers. While this tax credit is technically effective now, it is not relevant because the required overtime threshold remains at 60 hours Read More…
Tag: tax
Understanding the Nuances of Farm Business Taxes
by Elizabeth Higgins, CCE ENYCHP Taxes can get confusing because there are many different definitions of a farm business used by different programs. In New York State many purchases for a commercial farm business are exempt from sales tax if the item will be used more than 50% for the business. Commercial farm businesses in Read More…