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51A158 (708) Commonwealth of Kentucky DEPARTMENT OF REVENUE IMPORTANT FARM EXEMPTION CERTIFICATE See Reverse Side for Additional Information This certificate may not be issued for purchases of tangible

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What items are exempt from farm tax in Kentucky?

Examples of items which qualify for exemption in addition to the more commonly known items of “farm machinery” are: irrigation systems, tobacco curing equipment, farm wagons, portable insecticide sprayers, chain saws, mechanical cleaning equipment, mechanical shop equipment, mechanical posthole diggers, silo unloaders

What is farm exempt items in Kentucky?

Examples of items which qualify for exemption in addition to the more commonly known items of “farm machinery” are: irrigation systems, tobacco curing equipment, farm wagons, portable insecticide sprayers, chain saws, mechanical cleaning equipment, mechanical shop equipment, mechanical posthole diggers, silo unloaders

How do I get farm tax exempt in Kentucky?

You MUST issue a Farm Exemption Certificate (Form 51A158) or the On-Farm Facilities Certificate of Exemption for Materials, Machinery and Equipment (Form 51A159) to each of your vendors using your Agriculture Exemption Number.

What is the tax break for farming in Kentucky?

Farmers wanting to sell agricultural land and assets may be eligible for a Kentucky income tax credit up to 5% of the purchase price of qualifying agricultural assets, subject to a $25,000 calendar year cap and a $100,000 lifetime cap.

How do you qualify as a farm in ky?

The Kentucky Revised Statute 132.010 (9, 10, 11) defines agricultural land as any tract of land, including all income producing improvements of at least 10 contiguous acres in area used for the production of livestock, livestock products, poultry, poultry products and/or the growing of tobacco and/or crops including

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What is 51a158 7-08 farm exemption?

51a158 7-08 farm exemption refers to a specific exemption granted to farms under Section 51a158 of the tax code. It allows eligible farms to receive certain tax benefits or concessions.

Who is required to file 51a158 7-08 farm exemption?

The requirement to file 51a158 7-08 farm exemption depends on the specific tax laws and regulations of the jurisdiction where the farm is located. Typically, farms that meet certain criteria, such as size or production level, are mandated to file for this exemption. It is advisable to consult with a tax professional or the local tax authorities for accurate information.

How to fill out 51a158 7-08 farm exemption?

To fill out the 51a158 7-08 farm exemption, you will typically need to provide information about your farm's size, production activities, income, and expenses. Additionally, you may need to complete specific forms or schedules as required by the tax authorities. It is recommended to consult the relevant tax forms, instructions, or seek professional assistance to ensure accurate and complete submission.

What is the purpose of 51a158 7-08 farm exemption?

The purpose of the 51a158 7-08 farm exemption is to provide tax relief or benefits to eligible farms. It aims to support and promote agricultural activities by reducing the tax burden on farmers, encouraging sustainable farming practices, and fostering economic growth in the agricultural sector.

What information must be reported on 51a158 7-08 farm exemption?

The specific information that must be reported on the 51a158 7-08 farm exemption may vary depending on the tax laws and regulations of the jurisdiction. Generally, it may include details such as the farm's name and address, farm size, types of crops or livestock produced, income generated from agricultural activities, expenses incurred, and any other relevant financial information.

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