The following may be attributed to American Farm Bureau Federation President Zippy Duvall: “Farm Bureau applauds Congress for its progress in reforming the tax code. This new tax plan moves us closer to a tax system that rewards the hard work and entrepreneurship of America’s farm and ranch families. “Today’s proposal includes expanded, immediate expensing while continuing the business interest …
Secretary Perdue Comments on Tax Reform
Details of the next federal budget are still being worked out in Washington, DC. Once that is done, work is expected to begin on a major tax reform. US Secretary of Agriculture Sonny Perdue thinks the proposed tax law changes will be good for agriculture. That’s Agriculture Secretary Sonny Perdue. From the National Association of Farm Broadcasting News Service. Sponsored …
Farm Profitability Still Down, But Improving
A new survey of bankers shows 82 percent of agricultural lenders reported a decline in farm profitability in the last 12 months. However, the pace of the decline has slowed. The survey produced by the American Bankers Association and Farmer Mac shows 51 percent of agricultural lenders noted an increase in the demand for agricultural operating loans, while there was …
Rural Entrepreneurship Challenge Provides New Ag Businesses Opportunity
The Rural Entrepreneurship Challenge gives new agriculture businesses a boost in a startup. More than $145,000 of startup funds will be given out during this year’s challenge. Four finalists, recently announced, will compete for $25,000 in January. AFBF rural development director Lisa Benson says even the businesses that won’t be competing in the finals benefit from applying for the challenge. …
One Step Closer to Tax Cuts?
National Hog Farmer says the fiscal year 2018 budget proposed by Republicans and passed by Congress is a step forward toward possible tax cuts. Republicans will be able to use a procedural move that lets tax legislation be passed in the Senate with 50 votes. The goal of the Trump Administration and Republican leaders is to get the tax bill done …
GOP Tax Reform Break for Unincorporated Farming Operations Under Attack?
A key GOP tax reform break for unincorporated farming operations is under attack, but likely to be changed to answer Democratic critics. Many Democrats charge the creation of a new, lower “pass-through” tax rate of 25 percent for unincorporated businesses that file as individuals, which most small farms do, allows for abuses. It’s a claim that GOP tax writers and …
Putnam’s Statement Regarding Current Federal Disaster Relief Legislation
The U.S. Senate last night voted to move forward the $36.5 billion disaster relief legislation without additional support for Florida agriculture. Florida’s agriculture industry suffered a more than $2.5 billion hit due to Hurricane Irma. Florida Commissioner of Agriculture Adam H. Putnam’s statement is below: “I’m disappointed that the current disaster relief legislation does not include much-needed support for Florida’s …
Report: Farm Lending Stabilizing
The Kansas City Federal Reserve Bank reports farm lending has stabilized, but risks remain. The Federal Reserve’s Agricultural Finance Databook shows risks in the sector have remained alongside a persistently weak agricultural economy. The volume of non-real estate farm loans originated in the third quarter this year increased about two percent from the previous year. The slight increase followed a …
Rural Mainstreet Index Fears Farm Foreclosure Threat to Banks
The Creighton University Rural Mainstreet Index is still below growth-neutral, which it has been for some time. The index jumped six points from September to October, but low crop prices are still inhibiting growth. Ernie Goss, the author of the index, says, “As a result of low commodity prices and weak farm income, 9.5 percent of bank CEOs expect farm …
Key for Agriculture Hangs in the Balance
Tax Reform key for agriculture and other sectors, hangs in the balance this week as the Senate takes an expected razor-thin vote on a budget bill crucial to passing tax reform. The fate of tax reform, a top priority of the president and GOP, will likely be determined by this week’s Senate vote on a so-called ‘reconciliation’ budget. American Farm …