Collins backs bill that would create tax exemption for first $5K earned from 4-H projects
Press Release, Congressman Chris Collins
Legislation is currently being debated in the House Committee on Education and the Workforce that would lower the tax burden for students involved in 4-H programs and provide them with an opportunity to invest their earnings in future projects, college funds, or savings accounts.
Congressman Chris Collins released the following statement, in which he highlighted his support for the bipartisan legislation titled the Student Agriculture Protection Act of 2017.
“4-H programs offer constructive ways for students to expand their knowledge of agriculture and animal sciences,” said Congressman Collins. “With agriculture being the largest industry in New York’s 27th Congressional District, those who participate in local 4-H programs will soon be amongst the primary contributors to Western New York’s economy. For this reason alone, it’s critically important that incentives are set in place that will drive up participation and spread awareness of 4-H programs.”
If signed into law, the Student Agriculture Protection Act of 2017 would create a tax exemption for the first $5,000 of revenue earned by students 18 years or younger from either the sale of livestock or agriculture projects completed through 4-H or Future Farmers of America (FAA) programs. In effect, it will eliminate the tax-filing burden for eligible students and allow them to invest their earnings in future projects or college funds.
“Plain and simple, the Student Agriculture Protection Act is an investment in the next generation of American farmers,” Collins said. “This bill will have a direct and positive impact on New York’s 27th Congressional District and will ensure the U.S. remains the world leader in agriculture. As a proud cosponsor, I will continue my advocacy in support of this legislation to ensure it is put up for a vote on the House Floor.”
For more information on H.R. 1626, the Student Agriculture Protection Act of 2017, click here.