Idaho Farmers and Ranchers Impacted by Drought Eligible for Tax Break to Replace Animals
TWIN FALLS, Idaho (KLIX)-The Idaho State Tax Commission says farmers and ranchers forced to sell livestock because of drought can get more time to replenish their herds and defer the tax. The Tax Commission announced eligible cattlemen can get a one-year extension to replace livestock that had to be sold during a drought and defer the tax on any gains made from that sale, according to Internal Revenue Service rules. Those eligible must be in an area of Idaho officially recognized by the National Drought Mitigation Center as being impacted by exceptional, extreme, or severe drought conditions. Area counties include Twin Falls, Owyhee, Minidoka, Lincoln, Jerome, Gooding, Elmore, Cassia, Canyon, Camas, and Blaine. The time span for relief is from September 1, 2020, to August 31, 2021. For more information see the notice at IRS.gov.