Legislation Would Incentivize Property Sales to Young Farmers

A bill in the Missouri House would give farmers wanting to retire an incentive to sell their property to young farmers. State Representative Danny Busick of Newtown says the state is losing small farms, and he says part of the blame goes to capital gains taxes.

State Representative Adrian Plank doesn’t think it will completely solve the problem.

HB 1023 would give an income tax exemption of up to 500 thousand dollars per year for selling a farm to a beginning farmer, and up to 25 thousand dollars per year from leases or crop share arrangements.