Perillo Supports Tax Credits for Farming Equipment – HB 5492

(HARTFORD) — On Wednesday, State Representative Jason Perillo (R-Shelton) submitted testimony in strong support of establishing a farm investment property tax credit to help farmers cover the cost of expensive machinery and equipment. During the public hearing before the Finance, Revenue, and Bonding Committee, Perillo voiced his support for proposed HB 5492 and echoed constituent concerns on making necessary upgrades to meet agricultural demands.

According to Perillo, the cost of farm machinery has significantly increased since the $100,000 maximum tax exemption threshold was established. Now, farmers across the state find new financial challenges when buying technology, especially amidst calls to use clean energy and consume more organically grown foods.

“For many farmers in Connecticut, purchasing or upgrading equipment can strain their finances,” said Perillo in his testimony. “It’s irresponsible to maintain outdated tax exemption regulations that fail to reflect our changing economy. This bill would provide much needed financial relief, making it more feasible for farmers to acquire the equipment they need.”

For more information about this or any state issue, please contact Rep. Perillo at Jason.Perillo@housegop.ct.gov or at 860-240-8700. Don’t forget to follow Jason on Facebook and Instagram as well as subscribe to his email updates at RepPerillo.com.

If you’re a constituent with a question, idea, or concern for state legislation, contact Jason today to share your voice.