Farm Investment Credit Extended
Madison, WI – Today State Representative Travis Tranel (R-Cuba City), Vice-Chairman of the Assembly Committee on Agriculture, joined Wisconsin Governor Scott Walker for the signing of the Dairy or Livestock Farm Investment Credit bill (SB-9) that he was a lead sponsor of. More commonly known as the Farm Investment Credit, this bi-partisan piece of legislation aims to extend income and franchise tax credits for dairy and livestock farmers planning expansion or modernization projects.
Contributing an estimated $59 billion annually to the state’s industrial output and supplying over 350,000 jobs around the state – roughly 10% of the state’s total workforce – Wisconsin’s agricultural sector plays a large roll within the state’s economy. In the recent past, the law has assisted nearly 720 farm families within Grant County and 9,183 more around the state.
“The Farm Investment Credit program will provide the farmers of Wisconsin with the resources necessary to update their aging infrastructure and compete in a global marketplace, all while continuing to add good jobs to our economy” said Tranel.
Under current law, farmers may claim a tax credit of 10% of the amount paid for dairy or livestock modernization projects. With the Farm Investment Credit program, this deadline will now be extended until January 1, 2017, allowing for additional growth within Wisconsin’s agricultural community.