LANSING —A measure designed to give farmers across Michigan more flexibility in paying taxes on agricultural real estate was signed into law Tuesday, said sponsor Sen. Joe Hune.
“When it comes to Michigan’s economy, agriculture is the second largest industry,” said Hune, R-Hamburg Township. “As a farmer myself, I understand the impact that both large and small farms have across our state.”
Gov. Rick Snyder recently signed Senate Bill 634 into law as Public Act 57 of 2012.
According to Hune, the new law adds partnerships to the list of groups eligible to defer summer taxes on agricultural real estate until the following Feb. 15.
“I sponsored this common-sense measure because I believe that whether farmers are in a partnership or a limited liability company, they deserve more flexibility when it comes to paying their taxes,” Hune said.
Summer taxes come due when most farmers’ crops are still in the field. Hune’s measure allows these smaller farm operations to defer their taxes until February when they have actually been paid for their crops.
“Small business owners, like farmers, are the backbone of Michigan’s economy. That’s why my bill was approved unanimously by both the state Senate and the House of Representatives,” Hune said. “I’m glad this new law is on the books now. Michigan farmers are hard workers and should be treated fairly.”