Arkansas farmers receiving federal financial assistance will be exempt from paying state income taxes in accordance with state law, state officials announced Thursday.”Not only do these exemptions provide immediate relief to our hardworking farmers and ranchers, but they also help bolster Arkansas’ number one industry,” Gov. Sarah Huckabee Sanders said in a news release.
Commodity crop farmers are facing one of their worst periods in decades as a result of skyrocketing production costs and stagnant demand. Agriculture industry leaders told lawmakers in September that 25% to 40% of farmers are likely to leave the industry after this season unless they receive aid.
State lawmakers petitioned the federal government for emergency financial aid to farmers last month…