Mid-term – State Income Tax Relief for Wisconsin Farmers

Mid-term – State Income Tax Relief for Wisconsin Farmers

An example of a more recent “bottom line for farmers” is the income tax credit that was recently granted to all farmers in the last several years.  Beginning on January 1, 2013 the Wisconsin state income tax on income derived from farming began to be phased down from the 7.9% paid by nearly all Wisconsin citizens to 0.4% when it is finally phased in for tax year 2016. As a part of the phase in, the state farm income tax credit last year was 5.025% for income earned on your farm during 2015 (i.e., the farm income tax rate was 2.875%).  This is very meaningful for you now, tomorrow, and for years to come, if the WCA, along with the rest of agriculture, can retain this tax cut by working hard in the legislature this year, next year and for the future.