The Wisconsin Department of Agriculture, Trade and Consumer Protection says many landowners in the state are not using the proper tax forms for Farmland Preservation. As a result, they are not getting what they are entitled to.
Farmers are eligible for Wisconsin income tax credits in exchange for keeping land in agricultural use and complying with state soil and water conservation requirements. Preliminary data from the Department of Revenue indicates that more than 15,000 farmland owners collected over $19 million in farmland preservation tax credits in tax year 2011 on about 2.8 million acres of farmland.
The Department’s analysis of recent data collected by the Wisconsin Department of Revenue shows that some Wisconsin landowners are under-claiming their Farmland Preservation tax credits at an average rate of about $3 per acre or almost $1 million total.
It is estimated that more than 2,000 farmland owners statewide under-claimed their farmland preservation tax credits on over 300,000 acres of farmland. Keith Foye with DATCP says Dane County had the most under-claimed tax credits with more than 500. Other counties with significant under-claims were Rock, Jefferson, Fond du Lac, Sheboygan, Iowa, Brown, Columbia, Manitowoc, and to a lesser degree in Walworth, La Crosse, Outagamie, and Ozaukee Counties.
Foye says if your land entered a farmland preservation agreement prior to July 1, 2009, you should use Schedule FC when doing your 2012 taxes. If you entered into a farmland preservation agreement after July 1, 2009 you should use Schedule FC-A. If you have any questions call Kris Modaff at DATCP 608-224-4233 or email email@example.com
© Copyright Brownfield, All rights Reserved. Written For: Brownfield