Producers with big Environmental Quality Incentive Program (EQIP) grants need to know how cost-share and other incentives are reported on income tax returns. Getting it wrong could cost you thousands of dollars in taxes you don't owe. "Most conservation practices cost-shared by EQIP will be handled on tax forms the same way as in the past," says Parman Green, University of Missouri farm management specialist. "But the Farm Bill (2002 Farm Security and Rural Investment Act) sets higher limits - up to450,000 dollar for all EQIP contracts - and allows more of the incentive payment to be made in the same calendar year."
展开▼
