Tax Break Incentive
Proposed For Farms
In Preservation Programs
(Continued from Page At)
years before he left office.
“I appreciate the fact that Joe
(Pitts) is reintroducing legislation
that was developed over a period of
time from what I learned when I
talked to farmers about what was
needed for farmland preservation,”
Walker said. “Farmland preserva
tion does not make sense if these
efforts don’t fit with farm econom
ics. These two measures are
designed to fit with farm econom
ics. By eliminating the estate
(death) tax, you assure the family
can keep the farm for long term
family benefits. And if the farmer
is going to sell the farm and use the
money for retirement, then capital
gains tax breaks assure the fanner
of the benefit of the accrued value
of the farm’s chief asset. Both fit
well with farm economics and
make sense as a preservation tool.
A number of farm preservation and
environmental groups are taking
an interest in this bill. Finding
money to buy up property is diffi
cult. But this incentive created at
the federal level does not require
the expenditure of federal money.”
State senator Noah Wenger
(R-36) spoke of this legislation as
the next step in the farmland pre
servation. He called it the continu
ing effort to keep agriculture strong
— :r ~——
LANCASTER SILAQE MILL
Thursday, Julij 17, 1997
9:00 A.M. until NOON
and viable in Pennsylvania.
Senator Robert Thompson.
(R-19) reported on efforts for local
tax reform to help keep the farm in
the family until the estate is settled.
He said that right now farmers are
having a difficult time making ends
meet, and these steps will continue
agriculture’s growth in
Pennsylvania.
Representative Art Hershey
(R-13) said that as land values
increase, the Congress needs to be
sensitive to the cost of investment
for the farm family. “The success
of the farm is the families
involved,” Hershey said. “These
farm families make strong com
munities. It’s nice to hear some
relief is coming. You can’t by law
sell farms to the next generation for
a few dollars. Now you need
appraisals approved by taxing
authorities, and then capital gains
are based on that price.”
Recently Pennsylvania’s senate
passed a resolution urging the U.S.
Congress to enact permanent estate
tax relief for Pennsylvania. This
tax relief became part of the Tax
payer Relief Act, which Congress
just passed. In this act, estate tax
exemption went from $600,000 to
$1 million. Pitts said this will sig
nificantly help many people, but
work needs to continue to elimi
nate this unfair tax.
MMim HI!
Congressman Joe Pitts outlines his federal legislative proposal to eliminate estate
and capital gains taxes from farms that have been preserved. In support are from left,
Congressman Bob Walker; Art Hershey, state representative; and Noah Wenger, and
Bob Thompson, both state senators.
Reporters, farmers, and officials hear Congressman Pitts outline his federal legi
slative proposal to give tax breaks as Incentive for farmland preservation.
Join your friends and neighbors at:
EDWIN & LOIS ANN EBY'S
PENN-CREEK FARM
15537 GREENMOUNT ROAD
GREENCASTLE, PA 17225
Take 1-81 to Exit 1, State Line, Turn West onto Stateline
Rd., Rt. 163, Turn Right onto Greenmount:
Eby Farm is First Farm on the Left...
MARTIN EQUIPMENT COMPANY
537 FALLING SPRING ROAD
CHAMBERSBURG, PA 17201
Questions ???
Phone: (717) 263-3505
Toll Free: (888) 464-6379
Lancaster Farming, Saturday, July 12, IM7-A35