“This is excellent news for us here in Central New York, where farming has been the cornerstone of our rural communities for generations and has direct local and regional impact on our economy. Agricultural production returned almost $4.7 billion to the farm economy in 2010. New York State farmers can look forward to the following programs during the upcoming fiscal year,” said Barclay.

Increased Agricultural Local Assistance

This year’s budget allocates $27.1 million for Agricultural Local Assistance Programs, a substantial $6.1 million increase from last year. These funds will be used to support maple syrup producers and apple growers, two integral segments of Central New York’s agricultural industry.

NYS Young Farmers Loan Forgiveness Program

This initiative would allow the President of New York State’s Higher Education Services Corporation to distribute 10 annual grants of up to $10,000 for young farmers to defray their student loan payments. Beneficiaries must be full-time operators of their farms and graduates of a SUNY college or university. Farmers can receive the grants in consecutive years, with a maximum lifetime allocation of $50,000. Eligibility lapses once the student loan balance is cleared.

Beginning Farmers NY Fund

The Beginning Farmers NY Fund is a pool of grant money allocated to catalyze the careers of emerging farmers. Up to $50,000 is available for forward-thinking, small farms that reside on less than 150 acres. Applicants must be able to demonstrate that they have not produced an agricultural product for longer than 10 years and that their methods harness new agricultural innovations.

Estate Tax Reform

This measure will allow families to pass down their farms from generation to generation without being forced to sell them due to burdensome taxation. The exclusion threshold will be increased from $1 million to $2.06 million on April 1, 2014. By 2017, the exclusion threshold will be $5.25 million. By 2019, the exclusion threshold will be in line with the federal level. “I would have liked to see these changes effective immediately, but any move toward less taxation is a good move,” said Barclay.