Spotlight - REAP Farm Credit Tax Credit Applications Available December 3
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By Agriculture Secretary Dennis Wolff Most of us are familiar with the saying ‘farmers are the original conservationists,’ and we are also constantly seeking ways to save money, especially in this time of increased production and energy costs. The new Resource Enhancement and Protection program, or REAP, was developed to combine these top priorities of saving the environment and saving money to help REAP is a tax credit program, administered by the State Conservation Commission and designed to encourage producers to use conservation best management practices, or BMPs, that reduce erosion and sedimentation impacting our state’s streams and watersheds. By adopting these practices, not only will farm production and profitability improve, but we will be further protecting our natural resources. REAP applications will be available through the State Conservation Commission after December 3, and completed applications will be accepted beginning January 2. The applications can be found on the REAP webpage, along with the guidelines and other reference materials about REAP. If you don’t have access to the Internet, the commission can mail you an application packet. Also, the commission won’t consider any applications postmarked before December 26. Please send the applications through the mail or deliver in person to the State Conservation Commission at 2301 N. Cameron Street, Harrisburg, PA 17110. The commission will review all applications on a first-come, first-serve basis, keeping in mind incomplete applications will be returned for re-submittal. We recommend producers work with their local county conservation district or Natural Resources Conservation Service to ensure they have current plans in place – including a conservation plan, an agricultural erosion and sedimentation control plan or a nutrient management plan, if one is required. Also, in order to be eligible for REAP, animal concentration areas such as barnyards, loafing areas or feedlots must be properly protected with BMPs to abate runoff and loss of sediment and nutrients. Think of the REAP tax credits as a gift card. The credits provide a dollar-for-dollar reduction in state income or corporate tax in 2008 or later, and are good for up to 15 years. There are two ways to use the tax credits. One option is to use the credits to pay taxes in the year they were issued and save the rest for future years. The other option is to sell the credits for cash one year after they are issued. Another great bonus of REAP is that eligible producers interested in purchasing no-till planting equipment may qualify for a 50 percent tax credit. We invite those producers and equipment dealers interested in learning more about this option to attend an educational meeting from 10 a.m. to noon on Tuesday, Dec. 18 in the V.I.P Room at the Pennsylvania Farm Show Complex & Expo Center. Make a reservation by calling the State Conservation Commission at 717-787-8821. For more information, visit the REAP Program webpage or call the State Conservation Commission at 717-787-8821. Link: Chesapeake Bay Foundation REAP webpage. |
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11/30/2007 |
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