As tax changes loom, farmers worry about the next generation | News, Sports, Jobs
HARPSVILLE (AP) — Michael Kovach got into the farming business 13 years ago with the purchase of a 107-acre farm in Mercer County after retiring from the oil and gas industry at 39.
“I’ve worked too hard on this piece of ground to really even consider the thought of it turning into anything other than what it is and getting better than what it is,” said Kovach, 52, owner of Walnut Hill Farm in Sharpsville.
He has two full-time employees who help him raise grass-fed livestock such as Angus cattle, lambs and chickens, which are sold direct to consumers at the farm. His wife, Karen, runs the farm stand.
Kovach bought the farm hoping to one day pass the mantle of ownership to his daughter, who is 17. Now he and other family farmers across the state worry how changes in the tax law could impact their plans to transfer their farms from one generation to the next.
President Joe Biden has proposed tax…