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The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
Agricultural - Agricultural exemptions are generally applied to sales of tangible property that will be utilized in farming, raising livestock, and maintaining agricultural land. According to the US Department of Agriculture, $412.3 billion of GDP relates to agriculture, and $5.816 trillion of tangible assets are in use for agricultural purposes.
In Kentucky, farm employment makes up an estimated 0.7% of total employment, and the agricultural sector accounts for about 2% of Kentucky's GDP. [7] Agriculture as a percentage of the state's GDP has declined over time; in 1963 agriculture accounted for an estimated 5% of the state's GDP. [7]
Report says tax exemptions cost state around $9 billion.
The American Farm Bureau Federation (AFBF), more informally called the American Farm Bureau (AFB) or simply the Farm Bureau, is a United States–based 501(c)(5) tax-exempt agricultural organization and lobbying group. [1] Headquartered in Washington, D.C., the Farm Bureau has affiliates in all 50 states and Puerto Rico. Each affiliate is a ...
The change is the result of Kentucky Republicans’ support of House Bill 8, itself a vehicle for eventually doing away with the state’s 5% income tax, the Herald-Leader previously reported.
The Farm Credit System (FCS) in the United States is a nationwide network of borrower-owned lending institutions and specialized service organizations. The Farm Credit System provides more than $373 billion (as of 2022) [1] in loans, leases, and related services to farmers, ranchers, rural homeowners, aquatic producers, timber harvesters, agribusinesses, and agricultural and rural utility ...
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