Livestock Premium Tax Exemption passes

June 26, 2009 08:45 am

— As part of an omnibus tax bill recently signed by Governor Henry, legislation that will allow monetary awards at livestock shows to be treated as scholarship money up to $600 for tax purposes was passed last week.
“Our local youth who raise livestock put in a lot of hard work and money for these achievements and I think the least we can do is to acknowledge that these efforts should be rewarded just like hard work and achievement in the classroom”, said Sen. Susan Paddack.
“These young people are some of the most dedicated, hard working leaders in our communities,” said Rep. Todd Thomsen.
Janna Kelley, Director of the Pontotoc County Extension Office agrees. “It’s important to the future of our state that we preserve the tradition of farming and ranching, and this is one way we can encourage our local youth to carry on this important tradition.”
“Senator Paddack and Representative Thomsen should be recognized for their strong support of the youth in their districts”, said Kelley. “They should be commended for their actions to make sure that our youth are recognized for their hard work”.