In April of 2022, New York State expanded the farmer investment tax credit (ITC) to be worth 20 percent of eligible capital investment. For property placed in service on or after January 1, 2023, the ITC is fully refundable for taxpayers who earn more than two-thirds of their gross income from farming. Many asset types are eligible for the ITC, so long as they have a useful life of four years or more and are used primarily in agricultural production. Investments in land, passenger vehicles, and buildings used for other purposes (e.g. farmworker housing) are ineligible at this time.