What are the estimated income tax requirements for farmers?
There is only one estimated payment due on or before January 15 following the end of the taxable year. The required annual payment for farmers is the lesser of: • 66 2/3% of the income tax shown on your current years Connecticut income tax return; or • 100% of the income tax shown on your prior years Connecticut income tax return, if you filed a Connecticut income tax return for the prior year that covered a 12-month period. If, on or before March 1 following the end of the taxable year, you file a Connecticut income tax return and pay the full amount of tax due, you will not be subject to interest for not paying estimated tax. An individual is a farmer for any taxable year if such individual is a farmer as defined in I.R.C. 6654(i)(2) for the taxable year. 30. When can I make exempt purchases of motor vehicle fuels? If you hold a Farmer Tax Exemption Permit, you may buy motor vehicle fuels exempt from tax as long as the gasoline or diesel fuel will be used either in a vehicle that is
