At the recent Southern Peanut Growers Conference held in Florida, Congressman G.T. Thompson, Chairman of the House Agriculture Committee, addressed peanut farmers and ag professionals about the newly passed farm bill—what he proudly called a “great big beautiful bill” that aims to bring meaningful reform to rural America.
The congressman highlighted several key provisions designed to benefit family farms, peanut growers, and the next generation of agricultural producers. One of the biggest wins: the elimination of the death tax. “He said now 94 percent of all family farms will be exempt.” This is a game-changing development for farmers who want to pass land and assets on to their children without burdensome estate taxes.
Another major feature of the new farm bill is an additional child tax credit. “If you have more children, you’ll get a tax credit, and that is trying to solve the problem of not enough kids being raised now, and that will be a special advantage to family future.”
The ACRE Program was also introduced to help farmers access low-interest financing. “Get a loan from the local bank to the farm and receive a lower interest rate, almost exactly like the municipality loan rates, as low as two percent. Very popular.”
In addition, Thompson noted changes to education funding: “Access to student loans, which was changed from the old administration. They had been based on assets. Students didn’t have many assets, but this will be based on revenue.” This reform could open more doors for young people pursuing agricultural education.
Tax reform was another focus. “Preventing the largest tax increase was also part of that,” Thompson added. He also discussed updates to the SNAP nutrition program, clarifying eligibility: “If you’re an illegal alien, you do not qualify for food stamps.”
Representative Thompson was clear in his enthusiasm: “Very proud of the great big beautiful bill that just passed in Washington.”
Audio Reporting by Tyron Spearman for Southeast AgNet. GT Thompson BBB Details at Southern Peanut Growers Convention
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