Press Release
Stanfield, Umba & Torrissi 8th District
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Contact: Brian Woods / (609) 667-7360
June 3, 2022
8th District Lawmakers Propose Tax Relief for NJ Farmers

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With the prices of many agricultural inputs – from diesel fuel to fertilizer – continuing to rise, 8th District lawmakers are pushing for consideration of tax relief proposals they’ve introduced to provide a much-needed backstop for farmers in the Garden State.

With the prices of many agricultural inputs continuing to rise, 8th District lawmakers are pushing for consideration of tax relief proposals they’ve introduced to provide a much-needed backstop for farmers in the Garden State. (Pixabay)

“The combination of inflation and supply chain shortages have been devastating to many people and industries, but especially to farmers who already operate on razor-thin margins,” said Assemblyman Michael Torrissi, Jr. (R-Hammonton).

Torrissi recently introduced a bill in Trenton allowing farm operators to accelerate the depreciation of certain expenditures for equipment under New Jersey’s corporation business and gross income taxes. This change, permitted under the federal tax code, would allow farmers to recover some of the wear-and-tear costs for diesel-powered tractors and other farm equipment by deducting the costs from their tax declarations.

Senator Jean Stanfield, Assemblyman Michael Torrissi and Assemblyman Brandon Umba plan to visit local farms to drum up support for the package of legislation and to compel gatekeepers in Trenton to put them up for a vote.

“We need to step up as a state and get help out to our farmers. If they falter then our food chain goes down with them. We are all very reliant on their sustainability, and should all be rooting for their success,” said Senator Jean Stanfield (R-Westampton).

As debate continues in Trenton over the best way to utilize over $9 billion in unanticipated excess revenues, Stanfield, Torrissi and Assemblyman Brandon Umba (R-Medford) have also sponsored bills to extend additional tax relief to hard-hit New Jersey farms, including:

  • Providing tax credits to farm employers to offset increases in the minimum wage
  • Providing tax credits to farm employers who provide on-farm lodging and transportation benefits to workers
  • Providing tax credits to persons leasing agricultural land to beginning farmers
  • Allowing farm operators to deduct research and development expenses – such as soil testing, methane recapture and certain payroll expenses – from their gross income tax liability

“This is a crisis scenario for so many New Jersey farmers. The prices to produce all kinds of farm products, from blueberries to tomatoes, are rising at a disturbing clip. If it worsens, it could place a dangerous strain on our food chain,” Umba said. “It’s simple: the state of New Jersey collected $9 billion more in tax dollars this year than it otherwise would have. Farmers and other small businesses deserve a portion for immediate relief from the conditions they are faced with.”

Related Facebook Post:
https://www.facebook.com/senatorstanfield/posts/435052235101431

Related Tweet:
https://twitter.com/senstanfield/status/1532723680924549121

Website Post:
https://www.senatenj.com/index.php/district8/8th-district-lawmakers-propose-tax-relief-for-nj-farmers/57450