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Farmers must act to continue tax-exempt status
Story Date: 2/5/2016
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Source: NCDA&CS, 2/4/16
North Carolina farmers who hold a conditional farmer exemption certificate are urged to act quickly to provide their tax returns to the state if they want to continue their tax-exempt status for another year. The N.C. Department of Revenue is warning farmers that their conditional farmer status will be canceled if the department does not receive copies of 2014 state income tax returns and federal income tax returns by Feb, 15. Under North Carolina law, farmers who have more than $10,000 in annual gross sales or a three-year average of $10,000 in annual gross sales are exempt from paying sales tax on farm inputs, equipment and more. Farmers who do not meet these requirements may apply to the department for a conditional farmer exemption, which allows the farmer to purchase the same items sales tax free for a single, three-year period. But to maintain conditional farmer status, the certificate holder must prove they are engaged in farming activities by submitting their tax returns annually. http://sfntoday.com/farmers-should-act-quickly-on-exemption-certificate-status/
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