New York Farm Bureau Sees Agricultural Wins in State Budget

New York Farm Bureau Sees Agricultural Wins in State Budget

ALBANY, NY - With the passage of the state budget, New York Farm Bureau (NYFB) leaders expressed a generally positive outlook for the agricultural portions of the budget that passed, many with level or increased funding over last year.

NYFB advocated for several provisions that passed, including:

• An extension of the 20% Refundable Investment Tax Credit until January 1, 2033. The credit is available for eligible farmers who earn more than two-thirds of their income from farming, and it applies to investments in buildings, machines and equipment.
• Changes to the Climate Leadership and Community Protection Act (CLCPA). The approved budget extends requirements to reduce statewide greenhouse gas emissions to 2030. It also changes how the state measures the atmospheric impact of greenhouse gases by shifting the methane accounting timescale from a 20-year global warming potential to a 100-year potential, aligning with international and U.S. federal standards.
• Auto insurance law reform. Insurers will now be required to explain certain premium changes. The reforms also combat fraud and prohibit insurance companies from setting rates based on zip code, homeownership, occupation or education level.
• An increased tax credit for donations to food pantries for eligible farmers. The current credit is 25% of the fair market value of qualified donations, capped at $5,000 per taxable year. Beginning with tax years on or after January 1, 2026, the credit increases to 50% of the fair market value of qualified donations, capped at $20,000 per taxable year.
• $30 million for farmers impacted by tariffs. The budget earmarks funds for farmers who were directly affected by tariffs imposed by the federal government.
• Funding allocated for agricultural research, commodity promotion and environmental programs. This includes funding to support the important research done by Cornell CALS that ensures New York farmers have the science-based information they need for practical, on-the-ground applications.

"I'd consider the 2026 budget to be a fairly strong one for agriculture. We advocated strongly for the issues that matter to our members, especially the extension of the Refundable Investment Tax credit and changes to the CLCPA," said NYFB President David Fisher.

Fisher also underscored the importance of maintaining strong funding for research.

"We're particularly glad to see funding allocated for agricultural research. Institutions like Cornell CALS are critical to the future of agriculture in New York State, and the research they conduct is essential to the health of our crops and animals."

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New York Farm Bureau is the state's largest agricultural lobbying/trade organization. Its members and the public know the organization as "The Voice of New York Agriculture." New York Farm Bureau is dedicated to solving the economic and public policy issues challenging the agricultural community.

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