Senator Elder Vogel’s “farming legacy” bill, a key measure to help promote and support Pennsylvania’s agriculture industry into the future, was signed into law by the Governor on Tuesday (July 2).
Senator Vogel’s measure, Senate Bill 478 (Act 65 of 2019), provides a personal income tax credit for landowners who lease or sell their land, buildings and equipment to beginning farmers. Landowners will receive a one-time personal income tax credit for the sale or a multi-year lease of property. The legislation requires all leases be enforced through written agreements and that the sale of property be for fair market value in order to qualify for the tax credit.
For every farmer under the age of 35 in Pennsylvania there are four farmers over the age of 65. Of the 7.7 million acres of farmland across Pennsylvania, 41 percent is managed by a farmer 55 years of age or older and 11 percent of that land is expected to transfer in the next five years.
“The facts clearly show the ‘graying’ of Pennsylvania’s farming industry. That is an issue that we need to quickly address as a state. I have heard throughout the state that the top hurdle facing new farmers is finding affordable farmland,” said Senator Vogel. “The tax credits provided under this new law will reward landowners who help new farmers get started. None of our neighboring states offer a similar tax credit program, so this is a great way to show the agriculture community that Pennsylvania is open for business.”
The agriculture industry generates more than $7.5 billion in cash receipts annually. Senator Vogel was a key speaker at a Monday (July 1) press conference promoting Pennsylvania’s support for agriculture. Audio Video More information about farming in Pennsylvania is available at https://issue.pasenategop.com/farming/ and SenatorElderVogel.com.
CONTACT: Matt Parido (717) 787-3076