Estate Tax Reform Will Help NJ Family Farms

//Estate Tax Reform Will Help NJ Family Farms

Estate Tax Reform Will Help NJ Family Farms

“Well, I can honestly say I don’t think of any group that could be more affected by a change in that policy than farmers, who put their whole life stock-and-trade into hunks of land that they grow and build businesses on. So many of them begin to build this enterprise and then if they try to pass it on to the next generation, if they don’t get it right in terms of what the consequences could be for taxes, many of them, the families, can’t continue to farm…So just like small business, and small and larger agriculture business, it’s critical. … It’s of major consequence and would be extraordinarily helpful to the farming community.”

Agriculture Secretary Douglas H. Fisher

A bi-partisan plan for rescuing NJ’s Transportation Trust Fund from bankruptcy is being discussed by state senators Paul Sarlo (D-36), Steven Oroho (R-24), and others. The plan will provide $2 billion per year to maintain the state’s roads, bridges, tunnels, and rails while at the same time helping family farms throughout NJ. The plan includes estate tax reform to help family farms avoid double taxes (the inheritance tax and estate tax) when the farm is passed from one generation to the next. This proposal helps to keep family farms in business and keep the garden state green.
Click here to read more about the bi-partisan plan.
ELEC825 supports a fully funded Transportation Trust Fund that is DEDICATED to capital improvements.

By |2016-04-28T11:45:57+00:00April 28th, 2016|Infrastructure|