Livestock premium tax exemption passes

As part of an omnibus tax bill recently signed by Gov. Brad Henry, legislation that will allow monetary awards at livestock shows — up to $600 — to be treated as scholarship money for tax purposes, was passed last week.
“Our local youth who raise livestock put in a lot of hard work and money for these achievements and I think the least we can do is to acknowledge that these efforts should be rewarded just as hard work and achievement in the classroom is,” said Sen. Charlie Laster, Rep. Kris Steele and Rep. Shane Jett.
“These young people are some of the most dedicated, hard working leaders in our communities,” Jett said.
John Benton, director of the local county 4-H program, agrees.
“It’s important to the future of our state that we preserve the tradition of farming and ranching, and this is one way we can encourage our local youth to carry on this important tradition,” Benton said.
“Sen. Laster and Reps. Steele and Jett should be recognized for their strong support of the youth in their districts,” he said. “They should be commended for their actions to make sure that our youth are recognized for their hard work.”