Wednesday, December 18, 2019

Preserved Farmland Owners Now Eligible For Realty Transfer Tax Exemption If They Sell To Beginning Farmer

On December 18, the Department of Agriculture Secretary Russell Redding announced the more than 5,600 owners of preserved farms in Pennsylvania are eligible for a realty transfer tax exemption, if they sell their land to a beginning farmer.
"We’re pleased to announce the availability of the PA Farm Bill’s Realty Transfer Tax Exemption for owners of preserved farms who transfer a farm to a qualified beginner farmer,” said Agriculture Secretary Russell Redding. “These farmers have said ‘yes’ to Pennsylvania agriculture for perpetuity, Pennsylvania is now meeting that commitment with investments and services through the PA Farm Bill to secure a stronger future.”
Earlier this year, Gov. Tom Wolf signed the first-ever Pennsylvania Farm Bill which included Act 13, championed by Sen. Judy Schwank (D-Berks), Minority Chair of the Senate Agriculture and Rural Affairs Committee.
Act 13 says realty transfer tax will not be imposed on transfers of real estate that part of Pennsylvania’s Farmland Preservation Program, if the transfer is to a qualified beginning farmer. 
Qualified beginning farmers are defined as: 
-- Someone who has demonstrated experience in the industry or a related field with transferrable skills;
-- Has not received federal gross income from agriculture production for more than ten years;
-- Intends to engage in agricultural production in Pennsylvania; and
-- Has obtained written certification, as a result of an application, from the Department of Agriculture confirmed qualified beginning farmer status.
“Access to land is one of the biggest roadblocks for new and beginning farmers,” said Sen. Schwank. “This bill helps remove a cost impediment and will be an incentive for these farmers to put more land under cultivation while also supporting our farmland preservation program.
For more information, visit the Department of Agriculture’s Farmland Preservation webpage.
Related Articles:
Posted: December 18, 2019]

No comments :

Post a Comment

Subscribe To Receive Updates:

Enter your email address:

Delivered by FeedBurner