In a previous Tax Talks blog article, we talked about energy credits. An energy credit not discussed is the Production Tax Credit (PTC) under Internal Revenue Code (IRC) section 45Z. This credit incentivizes the domestic production of sustainable transportation fuels, such as those that may be generated by an on-farm biomass digester, offering a per gallon tax credit for qualified fuels produced by the taxpayer and sold to an unrelated person.
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New York Farm Employer Overtime Credit – Advance Application Opens July 1
In December 2023, we shared to important Tax Talks blog articles on the New York Employer Overtime Credit. The time to apply for an advance of the credit is fast approaching with NYS Ag and Markets opening the application on July 1, 2024.
July 2, 2024
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Tax Talks
Handling State Tax Refunds from Business Tax Credits
With many taxpayers having filed their 2023 taxes, refunds are appearing in their bank accounts. There may be a question of what to do with these funds. Particularly for those in states that had an expansion of refundable credits generated from farm businesses.
May 29, 2024
Tax Talks
Defining Pass Through Entity Tax
In 2017, the Tax Cuts and Jobs act was passed, putting a $10,000 limit on the amount of state and local tax that can be deducted on an individual's tax returns. For high income taxpayers that also pay a significant amount of property taxes, they quickly get to this $10,000 cap. For taxpayers who own pass thru entities such as partnerships and S-Corps, there is a potential way around this cap. This work around is called the Pass-Through Entity Tax.
September 29, 2023
Tax Talks
Celebrating 50 Years of Providing High Value Financials Services to Northeast Agriculture
Farm Credit East is proud to be the Northeast’s premier financial services provider, serving the needs of over 18,000 producers involved in farming, fishing, forestry and agribusinesses. 2023 marks the 50th anniversary of Farm Credit East’s financial services offerings.
March 28, 2023
Tax Talks
2022 Year-End Tax Headlines
As for tax updates, year-end 2022 is as good as any of the last few years. Some years we’re left dealing with changes that occur in January that are retroactive. This year, there are some last-minute things that are mostly good news. Here are the highlights.
December 26, 2022
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