Georgia Senator Jon Ossoff has introduced legislation to cut taxes for Georgia farmers. The Farm Disaster Tax Cut Act would provide eligible farmers tax cuts after natural disasters, revenue losses or pest outbreaks. The bill excludes crop insurance indemnity payments from taxable income.
Senator Ossoff said, “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. My new bill will cut taxes for Georgia farmers.”
Chris Butts, Executive Vice President, Georgia Fruit and Vegetable Growers Association said, “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.”
Bart Davis, Colquitt County Cotton Producer said, “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,”
Audio Reporting by Dale Sandlin for Southeast AgNet.