Earlier in October Stettler County declared the region an agricultural disaster area and on Oct. 31 the federal government stepped up.
The county is now listed as a prescribed region for the Livestock Tax Deferral Provision, which means farmers can sell part of their breeding herd because of drought or flooding and defer a portion of the money to 2019. This reduces the producer’s tax burden. To defer income the herd has to be reduced by at least 15 per cent.
“The decisions to include a region on their preliminary list is based on spring moisture and summer rain data,” said Reeve Larry Clarke in a Nov. 2 prepared statement.“If you looked at our long-term moisture averages on paper, it would read that the County of Stettler was quite average. If you break it down to when we received moisture and how much we received at key times, it painted a different picture. If you stood on the ground in our fields, it was a bleak forecast for farmers and producers by mid-September.
Stettler County Coun. James Nibourg brought the issue to council during their regular meeting Oct. 10.
Click this linkFor more information about the program and click on “Drought Watch” and “Livestock Tax Deferral Provision.”
Stettler County Chief Administrative Officer Yvette Cassidy added, “Liaising with other levels of government and advocating on behalf of our community while promoting the welfare and interests of our municipality is a key duty of our Council. This is a perfect example of how they work for you.”
Producers included in the 2018 Prescribed Regions for Livestock Tax Deferral Provision, can request the tax deferral when filing their 2018 income tax returns.