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Article: New York Farm Bureau Opposes National Estate Tax Proposal
- Article from:
- U.S. Newswire
- Article date:
- December 11, 1992
CopyrightCopyright 1992 U.S. Newswire. Provided by ProQuest LLC. (Hide copyright information)
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ALBANY, N.Y., Dec. 11 /U.S. Newswire/ -- A Congressional proposal
to impose an inheritance tax on farms that are now exempt would
result in the demise of thousands of U.S. family farms, warns New
York's leading agricultural lobbying group.
At New York Farm Bureau's annual convention this week, members
expressed deep concern about government efforts to lower the cutoff
point at which farmers have to pay hefty estate taxes.
Currently, farms valued at $600,000 or less can be passed from one
generation to the next, tax-free. The proposal now in Congress
would drop the taxing threshold ...