Not income taxes, but the Connecticut has several thresholds for eligibility for various farm "perks."
Simplified: -- $2,500 in gross sales gets you Farm Plates for motor vehicles and eligibility for a Sales & Use Tax Exempt Permit for purchases related to the farm. -- $15,000 in revenue or expenses gets an property tax exemption for $100,000 of machinery and $100,000 of buildings if the town adopts an ordinance to grant such exemptions. -- Farm land is assessed at a lower rate, and you need some revenue to claim it, however no specific dollar amount is attached to the eligibility. You file a form listing the properties and the gross farm revenue with the local assessor and they make the determination of eligibility. My guess is if you're over $2,500 it shouldn't be an issue what so ever, if you're under $2,500 the assessor can argue with you whether it's a commercial farm or a hobby use.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.