Young Colorado farmers who lack resources got a boost from Colorado lawmakers this year under a new measure that gives tax breaks to older farmers who help them.
House Bill 16-1194, which takes effect in 2017, was signed into law June 8.
Colorado farmers are aging at a faster rate than their counterparts nationwide. Across the U.S. in 1997, for instance, the average age stood at 54, while Colorado farmer age was 53.3 By 2012, the national average stood at 58.3, while Colorado’s average age had risen to 58.9, according to the United States Department of Agriculture’s 2012 Census of Agriculture. The next census is due out in 2017.
While the tax credit is an important step, experts said more will be needed to ensure veteran farmers connect with the next generation. Norman Dalsted, an agricultural economist with Colorado State University’s extension service said that because of lower commodity prices, the tax deduction might not be enough of a break to get established farmers to lease their land to beginning farmers.
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