Farm Tax: ARE Faculty Present at Northeast NC Niche Ag Conference
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Robert Andrew Branan and Nicholas Brown, faculty with Agricultural and Resource Economics and contributors to Extension’s Farm Law & Tax program, gave a presentations to the Northeast North Carolina Niche Ag Conference hosted by Currituck County Cooperative Extension in Barco, North Carolina on November 22, 2024. These presentations were part of the business track on retaining farm value and regulatory compliance, and made at the invitation Cyndi Knudson.
Branan’s presentation focused on recent research and interaction with the NC Department of Revenue on how sales taxes are applied to farm products (link to fact sheet) in North Carolina, and when farm producers qualify for sales exempt from food tax, and how much they should collect and remit for other sales of food, value added food, and non-food items. Branan also presented (link) on qualifications and challenges of the NC Present Use Value property tax program.
In his presentation Brown talked about minimizing farmers’ income tax through tools such as Section 179 deductions and bonus depreciation. Brown also discussed the impending deadlines for beneficial ownership information (BOI) reports imposed by the Corporate Transparency Act (CTA) and enforced by the Financial Crimes Enforcement Network (FinCEN). The presentation ended with notes about how succession planning with legal tools such as trusts and power-of-attorney (POA) forms could ensure that farm value and family unity is retained throughout generations to come.
Link to Brown’s article referencing FinCEN, beneficial ownership information (BOI) reports, and the Corporate Transparency Act.
Link to Branan’s fact sheet concerning qualifying and transferring land enrolled in Present Use Value.
Link to Branan’s fact sheet on tax on sales of farm products.