Cuomo seeks tax break for 4,000 state farmers

A John Deere 4440 tractor and swather cutting wheat in North Dakota. The tractor model, which was manufactured between 1977 and 1982, has become highly sought after by farmers. Dreamstime/TNS

Gov. Andrew Cuomo is proposing a change to state law that he says would lower taxable income for an estimated 4,000 farmers and sole proprietors.

The proposal would affect farmers who have less than $250,000 in net business income or net farm income.

Currently, those farmers can reduce their adjusted gross income by 5 percent, reducing the amount of money they have to pay state taxes on.

Cuomo, a Democrat in his third term, wants to triple that reduction to 15 percent — further reducing the farmers’ taxable income. He made the announcement Wednesday as part of his State of the State message.

The state Legislature would have to approve the proposal, likely as part of the state’s annual budget. The legislative session begins Thursday.

Johnson Newspapers 7.1

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.