Larkin Bills To Give Tax Breaks To The State's Grape Growers & Wine Makers Pass Senate
The State Senate has passed legislation (S.536) and (S.537) sponsored by Senator Bill Larkin (R-C, Cornwall-on-Hudson) to give the state’s grape growers and wine makers an income tax credit and certain tax exemptions in an effort to support farmers and increase the number of vineyards in New York State.
Senate bill S.536 authorize the Department of Agriculture and Markets to provide assistance to community based organizations that purchase New York farm products. It also authorizes the Hudson Valley Agricultural Advisory Council to comment on proposals to increase the profitability of farming and to preserve viable agricultural open spaces. Finally, it grants grape growers a 75 percent income tax credit for costs associated with purchasing grape plant materials, establishing new vineyards or replanting old ones.
Senate bill S.537 aims to encourage the local processing of New York fruits and other agricultural produce that will increase the profitability of farming in this state. It authorizes the Department of Agriculture and Markets to promote and market New York produced fruits and fruit products, and provides for a partial exemption for certain structures and buildings used in the operation of wineries and distilleries.
"Providing these specific tax incentives will help expand the important grape and wine industry," said Senator Larkin. "I believe they will dramatically increase the demand for New York produced grapes which will lead to increased numbers of vineyards in this state. Ultimately, it will create more income for our local farmers, help promote wine made in the Hudson Valley and save valuable farmland."
The bills were sent to the Assembly.