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Farm News: Tax Extension Supported For Dairy And Livestock

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Posted: 04.13.2011

A tax credit for the states dairy and livestock producers has found favor at the state capitol. 

Tuesday, the Wisconsin Assembly passed the bill 92-1, which extends tax credits to farms for expansion and modernizing facilities.  The bill is on its way to the governor's desk for signature.

Currently the dairy and livestock farm modernization and expansion tax credit is scheduled to sunset January 1, 2012. 2009 Assembly Bill 756 extended those tax credits to January 1, 2012. Senate Bill 9, which was supported Tuesday, would extend the tax credit until January 1, 2017. 
 
The Dairy Modernization Tax Credits has been a successful program and provides a tax credit for 10% of modernization costs up to $75,000 per claimant for dairy or livestock farm modernization and expansion.

This credit was enacted in 2003 with Act 135, and was originally scheduled to end January 1, 2010. Senate Bill 9 now goes to the governor’s office for his signature.

Wisconsin Representative Amy Sue Vruwink had worked to attach an amendment to the bill that would've expand the tax credits to include cranberry, potato, ginseng and other crop production.  The amendment failed.

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