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Agricultural News


Oklahoma Lawmakers Praise Tax Exemption for 4-H and FFA Students

Tue, 13 Sep 2011 11:40:04 CDT

Oklahoma Lawmakers Praise Tax Exemption for 4-H and FFA Students Three state lawmakers today praised a tax exemption that allows 4-H and FFA students to receive tax-free cash awards at youth livestock competitions, many of which are currently taking place around the state.            


State Rep. Steve Kouplen said checks received by students in competitive livestock shows can range from a few hundred dollars at local events to tens of thousands at national events. However, the cost of breeding, caring and showing the animals can easily exceed the prize money.            


"These young people work exceptionally hard and, even if they place in a competition, they don't make much money after expenses," Kouplen (D-Beggs) said. "If they do make money, it can go towards their college expenses."           


The current language, passed in Senate Bill 318 in the 2009 legislative session and signed into law by former Gov. Brad Henry, provides an income tax exemption for amounts under $600 awarded to students in livestock shows to help defer costs associated with these educational programs.            


State Rep. Joe Dorman said the 4-H and FFA programs are important educational experiences for young people.            


"I think this exemption encourages people to take part in these programs, which everyone agrees are excellent places for young people to develop character and leadership skills," Dorman (D-Rush Springs) said. "Having been a 4-Her myself, I know how much work can go into these projects and how the students often use these funds to help defer the costs of raising the animals or save the money to defer the costs of college."            


State Rep. Jerry McPeak said the competitive livestock teaches 4-H and FFA students about business.            


"Not only does this bill allow our 4-H and FFA students to save a few bucks on their animal's premium sale revenues, but it also provides an opportunity for them to become more business savvy as they utilize every opportunity to make themselves successful agricultural entrepreneurs," McPeak (D-Warner) said.            


To find out more about the exemption, contact your county extension office or local FFA instructor.



   

 

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