Friday, February 26, 2016
BC Gov't News
Gov't offers farmers' tax credit for their excess
Ashley Stewart, BC Liberal Caucus
Carrots for sale at the Chilliwack Farmer's Market.
ocal residents who use food banks and school lunch programs will now have further access to healthy, local food that has been donated by their neighbours thanks to the new Farmers’ Food Donation Tax Credit Chilliwack-Hope MLA Laurie Throness said.
“This tax credit provides further incentive for farmers to donate their produce during periods of overabundance,” said Throness. “Supporting our local food banks and school lunch programs helps ensure people have access to our locally grown produce.”
The tax credit, worth 25 per cent of the fair market value, is available to individuals and corporations that carry on the business of a farming and donate a qualifying agricultural product to a registered charity.
The agricultural product may include meat products, eggs or dairy products, fish, seafood, fruits, vegetables, grains, pulses, herbs, honey, maple syrup, mushrooms, nuts or other produce that has been grown, raised or harvested on a farm in B.C.
The tax credit was introduced with Budget 2016, the B.C. government’s fourth-consecutive balanced budget. The credit is available for the 2016, 2017 and 2018 tax years, after which the credit will be reviewed.
For more information, visit the BC Government's website here.
© Copyright (c) 2009-2016 The Valley Voice