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household income, thus spreading preservation costs through the entire state, not just the locality.
An incentive was added to the Michigan program permitting the heirs of farmland to continue the farming contract with the state, in return for an automatic exemption from the first 50 per cent of the state’s inheritance tax and deferment of the second half for 10 years.
Farming contracts in Michigan must be for a minimum of 10 years. Farmer noted, however, that the average contract period is actually 20 years. Roll-back taxes on property taken out of the program are collected at six percent compounded interest for a 20-year period and earmarked by the state for purchase of land development rights.
Under the Wisconsin Farmland Preservation Act. modeled after the Michigan program, any farmer in the state can qualify for tax credits by voluhtarily signing a contract to keep the land in farming. Farmers can also
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