Washington, D.C. — U.S. Senator Jon Ossoff is introducing legislation to cut taxes for Georgia farmers.
Sen. Ossoff introduced the Farm Disaster Tax Cut Act this weekto provide eligible farmers with a tax cut after natural disasters, revenue losses or pest outbreaks.
The bill would exclude crop insurance indemnity payments, which are made to farmers after they face qualified losses, from farmers’ taxable income after natural disasters, revenue losses, or pest outbreaks.
“Georgia’s farmers are the cornerstone of our state’s economy and many of our communities. After facing soaring costs from Hurricane Helene, recent droughts, and other outbreaks, they are in desperate need of relief,” Sen. Ossoff said. “My new bill will cut taxes for Georgia farmers.”
Key Georgia agricultural leaders are backing Sen. Ossoff’s new bill, including the Georgia Fruit and Vegetable Growers Association (GFVGA).
Industry Support
“We want to thank Senator Ossoff for offering legislation that will exclude crop insurance indemnity payments made due to losses experienced from August 2024 to December 2028. Our growers that have been hit by natural disasters, such as Hurricane Helene, know that these crop insurance payments do not make you whole. Many of the crop insurance products available to specialty crop growers already fall short of what’s needed in a crisis. To pay taxes on these payments diminishes the value of these risk management tools even further. We look forward to working with the senator and his team to move this bill forward,”stated Chris Butts, Executive Director, GFVGA.
“As a farmer, I am grateful for Senator Ossoff’s understanding of the ongoing farm economic crisis and the complexities of taxation on the farm. Crop insurance indemnities (and disaster relief) are intended to keep producers with enough resources to meet obligations during a crisis. This legislation will help farmers, family businesses, and rural communities afloat until the situation on the farm improves,” said Bart Davis, Colquitt County cotton producer.
Click here to read the Farm Disaster Tax Cut Act.