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S.126

Introduced by   Committee on Agriculture

Date:

Subject:  Taxation and finance; agricultural and forest land use value program

Statement of purpose:  This bill proposes to include in the definition of farmer for the purposes of the use value property tax program those who process their farm products.

AN ACT RELATING TO THE AGRICULTURAL AND FOREST LAND USE VALUE PROGRAM

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  32 V.S.A. § 3752(7) is amended to read:

(7)  “Farmer” means a person:

(A)  who earns at least one-half of his the farmer’s annual gross income from the business of farming as that term is defined in Regulation 1.175-3 issued under the Internal Revenue Code of 1954; or

(B)(i)  who produces farm products that are processed in a farm facility situated on land enrolled by the farmer in a use value appraisal program or on a housesite adjoining the enrolled land;

(ii)  whose gross income from the sale of the processed products, when added to other income from the business of farming as defined in subdivision (A) of this section, equals at least one-half of the farmer’s annual gross income; and

(iii)  who produces on the farm 75 percent or more of the farm products processed in the farm facility. 



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us