A2B-Lancaster Farming, Saturday, December 27,1986
CORTLAND, NY - Farmers
from nearly a dozen counties at
tended the New York State
Grange’s first annual tax-planning
seminars at three locations in
early December. The seminars
were designed to help producers
understand the new tax reform law
and to make financial decisions
prior to the law’s Jan. 1 start-up
date.
According to NYS Commissioner
of Agriculture and Markets Joseph
Gerace, only 10 percent of New
York’s farms are solidly in the
black and 25 to 40 percent are
“holding on for survival,”
therefore, the Grange recognized
that the future of some family
farms depends on the operators’
getting accurate information
quickly.
Accountant Clyde Cook, State
Grange tax advisor, prepared the
four-hour seminars because the
“simplified” tax reform act turned
out to be not so simple after all.
Because some of the changes
become effective Jan. 1, State
Agway President
(Continued from Page A 27)
members, our Northeastern
farmers, competitive with the rest
of the country, and the world,” he
said.
Northeastern growers face
many uphill battles, including the
public relations campaign they
must mount to convince their
urban neighbors that agriculture
in the heavily populated region is
viable and important.
“Northeastern agriculture does
not gain headlines partially
because our agriculture is more
stable because of its diversity then
the Midwestern grain orientation,"
Hiller said.
He added: People don’t un
derstand that the Northeast is
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NY Grange Seminars Aid Farmers With Tax Planning
Grange felt a responsibility to
provide all New York farmers with
an opportunity to become better
acquainted with the law, to have
the opportunity to ask questions
about the law’s impact, and to
make better financial decisions to
minimize future tax obligations.
Producers attending the
seminars in Cortland, Bath, and
Harpersfield heard Cook explain
that the tax reform law will affect
them in three ways. First, the law
changes tax rates, deductions and
ground-rules for all individuals.
Second, it changes general
business provisions including
corporate tax rates, investment
tax credits and depreciation.
Third, it changes tax credit and tax
deduction regulations for specific
agricultural provisions.
While briefly touching on the
first two categories of tax changes,
the Grange seminars focused
primarily on the agricultural
provisions. Using work-sheets and
his specially prepared tax
planning manual, Cook discussed
important to national agriculture.
It is a major producing area.
Maybe the industry has not
adequately communicated its
presence.”
Hiller remains intent on com
municating his presence. He meets
frequently with farmers, including
a scheduled stop this week in
Carlisle for a meeting of Agway
leaders from Pennsylvania, New
Jersey, Delaware and Maryland,
to gather feedback on their needs.
And he always returns to his
Syracuse headquarters with the
reassurance that Agway is headed
in the right direction by staking its
future on Northeastern farmers.
“We’re not pessimistic,” he said.
“We’re optimistic on Northeastern
agriculture. We’re investing in it.”
changes in capital gams, in- tions, prepayment of farm ex- manual for $3 to cover printing,
vestment tax credits, advancing penses and much more. postage and handling from TAX
agricultural purchases, pre- Producers who were unable to PLANNER, New York State
productive period expenses, soil attend the session may obtain Grange, 100 Grange Place, Cor
and water conservation deduc- copies of the 25-page tax-planning tland, N.Y. 13045.
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