Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
    
   
   
   
   
   
   
   

Agricultural News


AFBF Happy with New Bill to Help Preserve the Family Farms in the U.S.

Fri, 22 Nov 2019 15:48:46 CST

AFBF Happy with New Bill to Help Preserve the Family Farms in the U.S. A bill introduced today to help more farm families continue their livelihoods after the death of a loved one has the full support of the American Farm Bureau Federation. The Preserving Family Farms Act of 2019 is sponsored by Reps. Jimmy Panetta (D-Calif.) and Jackie Warlorski (R-Ind.).


“Farm and ranch families often face a significant financial burden when they have to pay estate taxes,” said AFBF President Zippy Duvall. “Farm families should be able to pay based on how their land is actually used, rather than its potential value as commercial property such as a shopping center. AFBF commends Representatives Panetta and Warlorski for introducing the Preserving Family Farms Act of 2019, which will give more families hope they can hold on to the farm when a loved one passes. We strongly urge House members to co-sponsor this important bill.”


The legislation modernizes the special use valuation provision of the estate tax. This valuation allows property to be appraised as farmland rather than its development value when determining estate taxes. Increasing the amount of farmland or ranchland that can be valued at agriculture value rather than development value would help protect family-owned farm and ranch businesses by assessing estate taxes on the actual value of the businesses they have spent decades building.


“Allowing more farmland to qualify for special use valuation would elevate this provision of the tax code to its proper place as a helpful estate planning tool,” Duvall said.


Source: American Farm Bureau Federation


   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • US Pork Checkoff Report- African Swine Fever Will Continue to Plague China for Years  Thu, 23 Jan 2020 05:18:19 CST
  • Feeder Steers Sold 3.00-5.00 Lower, Feeder Heifers Traded 1.00-3.00 Lower Wednesday at OKC West  Wed, 22 Jan 2020 17:43:53 CST
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Wednesday, January 22, 2020  Wed, 22 Jan 2020 14:58:08 CST
  • Wednesday, January 22, 2020 Market Wrap-Up with Justin Lewis  Wed, 22 Jan 2020 15:09:44 CST
  • Secretary of Agriculture Perdue to Share Insights At 2020 Cattle Industry Convention  Wed, 22 Jan 2020 13:21:22 CST
  • Express Ranches Claim Grand Champion Carload at National Western   Wed, 22 Jan 2020 12:28:23 CST
  • Cattle Disease Traceability Continues Advancing   Wed, 22 Jan 2020 10:43:57 CST
  • Wednesday Preopening Market Update with Dave Lanning  Wed, 22 Jan 2020 07:24:47 CST

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma City Farm Show KIS FUTURES, INC. Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment AFR Insurance Stillwater Milling Oklahoma Cattlemen's Association

    Our Road to Rural Prosperity sponsors!

    Banc First OPSRC ORWA TPAOO TPAOO

    Search OklahomaFarmReport.com


       
       
    © 2008-2020 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.