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Oppose Tax Increases that Specifically Target Ag
The NC Agribusiness Council opposes any special federal, state or
local levies of tax or fee increases that specifically and punitively targets
agriculture or agribusiness interests to fund government public service
mandates and services. Due to increasing pressures on federal, state
and local budget and looming budget deficits, there have been numerous
revenue raising proposals at all levels of government. The Council
encourages any fees increases to be appropriately applied only to support
programs that enhance agribusiness development. |
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Support of Tax Incentives and Tax Credits
The NC Agribusiness Council supports tax incentives and tax credits
provided to existing agribusiness to expand and to attract new
agribusiness interests into North Carolina. |
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Support Keeping Farm Equipment Sales Tax Exemption
The NC Agribusiness Council supports keeping the state farm
equipment sales tax exemption. The high cost of farm equipment
and the necessity of the equipment in farm production necessitates
the continuing the current cap level on sales tax. Furthermore,
farming contributes $11.4 billion to the North Carolina economy
and a farmer’s dollar turns over more than 6 times in the local
economy; therefore, maintaining the current cap on sales tax for
farm equipment helps ensure economic viability for the state and
local communities. |
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Oppose Sales Tax on Services
The NC Agribusiness Council opposes the expansion of sales tax
on services. Any tax on services increases the cost of doing business
in the state and creates an undue hardship on the agribusiness
community and their consumers. |
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Support Ag Exemption of Capital Gains
Tax on the Sale of Farm and Farmland
The NC Agribusiness Council supports an Ag Exemption of Capital
Gains Tax from the sale of farms and farmland. With the economic
depression that exists in today’s agricultural industry, many farmers
are faced with having to sell their farms; however, most farmers
can’t afford to sell because of capital gains taxes, which doesn’t
leave enough money to cover the high bills that exist. Farmers in
North Carolina have contributed to providing our citizens with the
safest, most abundant, affordable food supply in the world. The
Council supports providing the financial relief of an Ag Exemption
to Capital Gains Tax, which would allow farmers exiting the
industry to do so with dignity. |
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Support Making Elimination of Estate Taxes Permanent.
The NC Agribusiness Council supports permanently eliminating
the Estate Tax. |
