NYS Tax Relief Commission's Final Report

“New York Farm Bureau is extremely pleased by the NYS Tax Relief Commission’s final report, as it recognizes the importance of “protecting family farms” in our state. Among the many provisions included in the report designed to spur the growth of agriculture and other businesses across the state, the recommendation to raise the estate tax threshold to $5.25 million, and indexing it to inflation, are moves that our farmers have long been advocating for in Albany.

It isn’t difficult for farms in New York to hit the current $1 million threshold when the values of land, livestock and equipment are taken into account. The change would prevent most families from having to sell off pieces of a farm that may have been in the family for generations just to pay the tax bill should a death occur.

We look forward to continue partnering with Governor Cuomo and the Legislature to achieve a more favorable tax policy in New York that supports our farms and small businesses that contribute greatly to the rural economies upstate and on Long Island,” said Dean Norton, President of New York Farm Bureau.