Farmers Could Get Tax Break For Keeping Land In The Family
Ohio farmers who want to sell their property to a younger farmer in their family could get a tax incentive to do so.
Ohio lawmakers are considering a bill that would give older farmers a tax incentive when they sell their farms to younger members of the family.
The bill previously only allowed farmers to get the credit by selling to a younger farmer who is not a relative. However, this provision has been added because many farms are actually passed down to younger family members.
State Rep. Kyle Koehler (R-Springfield) says this bill will help make sure the land continues to be farmed instead of being developed it for another purpose.
“We need farmers to start farming land as young people. As older people retire, we want to see young people get involved. It’s expensive and we want to keep them in the process of being farmers in Ohio," Koehler says.
The tax credit is capped at $10 million over its lifespan and the credit would end in 2025.
The 2017 census showed the average age of an Ohio farmer is about 59 years old.