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Farm Events: |
Farm News: Working Ahead On Dairy And Livestock ExtensioncommentsPosted: 01.26.2011
State Representative Keith Ripp (R-Lodi) has introduced legislation to extend the Dairy and Livestock Farm Investment Tax Credit which will sunset as of January 1, 2012. Assembly Bill 5 will extend the credit through January 1, 2017. Ripp was also active in working to extend similar investment credits to Dairy Cooperatives last session.
“The dairy industry was not immune to the down turn in the economy,” said Ripp. “This is a successful program that has encouraged the investment and modernization that dairy farmers desperately want and need and it should be renewed now to provide immediate assistance during these tough economic times.”
The dairy industry has a tremendous impact on the state’s economy. According to recent estimates, the dairy industry accounts for $26.5 billion in economic activity annually. With over 99% of Wisconsin’s farms family-owned, the Dairy Investment Tax Credit allows farmers to claim an income and franchise tax credit for dairy farm modernization and expansion.
“When dairy farmers struggle, the entire state’s economy struggles,” Ripp said. “This credit will allow those family farms to modernize and have the same opportunities and benefits as larger farms. This credit allows all Wisconsin farms to modernize and keep Wisconsin’s economy moving forward.”
A public hearing on this bill is schedule for Wednesday, January 26 at 1:00 PM in the Capitol.
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