New York lawmakers, Senator Jim Tedisco and Assemblymember Marianne Buttenschon, have introduced a bipartisan bill aimed at expanding the state’s 20% investment tax credit for farmers to cover housing construction costs for farm workers. This move, supported by the New York Farm Bureau, seeks to address a loophole that currently excludes farm housing from tax benefits, contrasting with the allowances for housing livestock.
The proposal aligns with Governor Kathy Hochul’s efforts to tackle the state’s housing shortage, including her plan to build 15,000 housing units on state property. Tedisco highlighted the bill’s role in a broader strategy to solve New York’s housing issues, emphasizing the need for a comprehensive approach beyond single legislative actions or budgetary measures.
The legislation not only promises to support the state’s agricultural sector by making it more economically viable for farmers to provide quality housing for their workers but also addresses the concerning trend of farm closures across New York. With the farm community’s significant role in the state’s economy, supporters argue that enhancing the investment tax credit is a critical step towards ensuring the sustainability and growth of farming operations in New York.
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