Massachusetts Department of Agricultural Resources Adopts Regulations on Dairy Farmer Tax Credit Program

The Massachusetts Department of Agricultural Resources Aug. 21 adopted regulations on the Dairy Farmer Tax Credit Program for individual income and corporate income tax purposes. The rules include measures: 1) establishing a tax credit to dairy farmers to offset the possible downturns in milk prices paid to dairy farmers; 2) providing a safety net program that supports dairy farms through its provision of revenue stability; 3) clarifying that an eligible taxpayer who holds a certificate of registration should be eligible to receive a refundable credit based on the amount of milk produced and sold, not to exceed $6 million; 4) ...