The Senate Committee on Agriculture has released it’s report on five recommendations to preserve farmland and help young farmers get started in the business.
The Chair of the Senate Standing Committee on Agriculture, Diane Griffin, says rising farmland values are making it difficult for young people to get started.
She also noted the senate committees’ report is calling for an increase in the lifetime capital gains tax exemption because the million dollar limit is not high enough with current land prices.
“This would make it easier for new farmers to acquire farmland,” she said.
“I have no idea what the react of the department and the government to this, but it’s something that’s been told to us by some of the areas farmers to alleviate the amount.”
Other suggestions include improve research on farmland protection and classification data, better tracking of farmland transactions, and develop an awareness program to protect and promote the use of land for agriculture.