Income legislation passes committee

TRENTON — Bipartisan legislation sponsored by Senator Steve Oroho provides gross income tax and corporation business tax credits to individuals leasing agricultural land to beginning farmers has passed the Senate Economic Growth Committee.
“A new generation of farmers will be required to deliver food to the tables of New Jersey’s families,” said Oroho. “Economic activity in the agricultural community depends on new farmers entering into the industry. By encouraging landowners towards leasing to inspiring farmers we can continue to sustain New Jersey’s strong agriculture industry.”
New Jersey’s agriculture industry has become endangered by a lack of new farmers entering the industry. The New Jersey Department of Agriculture reported that the average age of the New Jersey farmer has increased to 59 years old.
Oroho’s legislation provides tax incentives to landowners who lease to beginning farmers.
In addition, legislation will provide family-owned farms, without an inheritance, the opportunity to rent instead of selling land to developers enduring New Jersey’s open land and establishing a new generation of farmers.
“New Jersey’s farms provide over 200,000 jobs from the beginning stages of agriculture to processing and final distribution of food to New Jersey’s nine million residents,” said Oroho. “As a top ten provider of agriculture in the country, it is vital to encourage new farmers to enter the industry and keep New Jersey’s farms in operation.”