Not income taxes, but the Connecticut has several thresholds for eligibility for various farm "perks."
Simplified: -- $2,500 in gross sales gets you Farm Plates for motor vehicles and eligibility for a Sales & Use Tax Exempt Permit for purchases related to the farm. -- $15,000 in revenue or expenses gets an property tax exemption for $100,000 of machinery and $100,000 of buildings if the town adopts an ordinance to grant such exemptions. -- Farm land is assessed at a lower rate, and you need some revenue to claim it, however no specific dollar amount is attached to the eligibility. You file a form listing the properties and the gross farm revenue with the local assessor and they make the determination of eligibility. My guess is if you're over $2,500 it shouldn't be an issue what so ever, if you're under $2,500 the assessor can argue with you whether it's a commercial farm or a hobby use.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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