2007 Farm Bill has lots for Leelanau farmers
The Enterprise reports that the 2007 Farm Bill, which appears headed for passage by the Federal Government in January, streamlines the cumbersome process for farmers to receive federal money for selling development rights on their property to local governments and non-governmental organizations and has additional provisions for specialty crops like cherries, wine grapes, asparagus and organic products.
The new law would raise the deduction a landowner can take for donating a conservation easement from 30 percent of their income in any year to 50 percent.
For those actively engaged in farming, the deal is even better. Qualifying farmers may be able to deduct up to 100 percent of their income from land they have voluntarily donated for a conservation easement. In addition, the new law would extend the carry-forward period for a donor to take tax deductions from five to 16 years.
Read Preservation efforts boosted in Farm Bill in the Leelanau Enterprise.
Photo: Apples & Old Sheds by Andy McFarlane
