ALBANY – Senator Cathy Young and her Senate colleagues have announced a new program that could help support and encourage the next generation of farmers in New York State.
The proposed “Young Farmers NY” program is designed to focus on obstacles to farm ownership and the improvement of opportunities for agricultural education. The plan includes a tax credit of up to 10 percent for the purchase or renting of land or equipment, a $5 million revolving loan fund dedicated solely to land and equipment purchases by farmers, and an estate tax reform that allows for the preservation of family farms passed from generation to generation. Several other young farmer benefits are also included in the bill.
According to Senator Young, the average New York farmer is 57 years old, and for every farmer under the age of 35 there are two aged 65 or older. She says the Young Farmers NY program is aimed at attracting more young people to farming and supporting family farming for generations to come.