Red River Farm Network'1. Final Beet Payment Tops Last Year's Projection —. American Crystal Sugar Company 2. According to RRFN sources, the 2. American Crystal is holding $4 per ton for unit retains.
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Sources confirm the 2. Loss of Section 1. Deduction Will Impact Tax Bill —. American Crystal Sugar Company vice president of government affairs Kevin Price is alerting growers to one aspect of the House tax reform package, specifically the Section 1. Section 1. 99 works well for American Crystal and its shareholders. The loss of it will mean a big tax increase for sugarbeet growers.
We’re working every angle we can find to keep it.” If the tax deduction goes away, Price says it would impact many cooperatives, not just American Crystal. Also, there’s uncertainty on what will be in the Senate bill." Section 1. Domestic Production Activities Deduction. Up and Down the Dial —. As you drive across this great country of ours, move up and down the radio dial.
You'll hear farm reports in every corner of the U. S. In New York, Tom Cassidy's wit and wisdom can be heard in the dairy barns. If you're criss- crossing Oklahoma, Ron Hays and his 'Howdy Neighbors!' will greet you. The Fabulous Farm Babe, Pam Jahnke, will be on your radio when driving through Wisconsin. Pam is guaranteed to make you think and smile.
With his national talk show, Mike Adams will bring newsmakers to your radio whereever you go and he may put in a plug for his beloved St. Louis Cardinals or Dallas Cowboys. I trust you're also listening to your local Red River Farm Network radio affiliate when in North Dakota, Minnesota and South Dakota to hear from Randy Koenen, Carah Hart, Megan Ternquist or Don Wick. The National Association of Farm Broadcasting convention takes place this week in Kansas City.
We may compete for listeners at home, but feel like family when we gather for our annual meeting. We're all blessed to report daily for the best people in the world, our farmers. Just a reminder, you can always connect with RRFN for updates on farm news, markets and weather on Facebook and Twitter. The RRFN team: Carah, Randy, Jay, Megan and Don are also on Twitter. Listen each day on your local RRFN affiliate. First Major Tax Reform Bill in Nearly 3. Years —. House leadership is promising significant changes in tax policy. Speaker Paul Ryan said these changes are needed. We haven’t reformed the tax code since 1.
The world is passing this country by. We’re losing jobs and companies as a result of it. The political will among members is iron clad to get this done. If we don’t do this, we’ll not get the economic potential we can reach.”. Ways and Means Committee Chairman Kevin Brady says this new tax reform proposal is a complete re- write of the tax code. To pay for the tax cuts, this plan adds $1.
Estate Tax Exemption Included in Reform Package —. Agriculture will see changes if the House GOP tax reform plan is enacted. The estate tax exemption for individuals will double from $5.
South Dakota Representative Kristi Noem, who is a member of the House Ways and Means Committee, participated in Thursday’s announcement. Repealing the death tax is incredibly important to me.
It’s the most unfair tax in our tax code. It’s a double tax. If we’re going to really get back to a tax code that helps people and doesn’t harm them, we have to repeal the death tax.” This provision also includes stepped- up basis on inherited assets. Tax Wins and Losses for Agriculture —. With the House tax reform package, there are proposed changes for the Section 1.
The existing bonus depreciation provision would also be expanded and Section 1. Agriculture groups are not happy with the entire plan. Farmers would be required to pay self- employment taxes on much of their income, real estate rent and limited partnership- passive ordinary income.
Analysts indicate the self employment tax could negatively impact retired landowners who depend on rental income. The proposal would also eliminate the ability of farm cooperatives to pass on savings to members in Section 1. NFU on Tax Reform —. Tax reform is expected to dominate the schedule in November.
National Farmers Union President Roger Johnson says implications for the federal deficit will ultimately impact money available for the next farm bill. This tax package is the great big question mark right now," says Johnson.
If that happens, does it blow up the ability to do a farm bill? Watch The Tank Torent Free. We don't know the answer to that question yet, and we probably won't for some time.". If tax reform becomes too complicated and doesn’t pass, Johnson still sees the possibility action could come on the farm bill late this year or early in 2. The word we get is that Chairman Conaway has largely written the bill. I think all signs point to the House moving first this time, then the Senate would move fairly quickly thereafter." Johnson is still hopeful about getting a farm bill done on time.Tax Reform Concerns —.
While tax reform can be beneficial to farmers, North Dakota Farmers Union president Mark Watne says there’s a concern in these preliminary calculations about a net loss for farmers. There’s a potential of losing our ability to accelerate our depreciation with up to $5. That would have a major impact on farmers and ranchers in the short- term of their planning for their planning of equipment replacement.”. No Harm to Section 1. National Council of Farmer Cooperatives president and CEO Chuck Conner told attendees he doesn’t want any harm to Section 1. There’s a lack of willingness so far to consider a carve out for agriculture and a 1.
If we don’t get this, taxes for farmers will go up. I haven’t heard any politician mutter a word that’s what they want as a desired outcome from tax reform. There’s a lot of work to be done on this bill.
We’ll have lots of opportunities to make the case to legislators they don’t want to raise taxes on farmers.”. Conner also told attendees it was difficult to implement a Farm Bill if USDA staff isn’t in place. Farm Bills Take "a Long Time" —. House Agriculture Committee Chairman Mike Conaway and Ranking Member Collin Peterson have predicted the farm bill could move by early 2. Texas A& M University Extension economist Joe Outlaw isn’t necessarily that optimistic.
I think they’ll try really hard. Sometimes they try and things don’t get done as intended. The chairmen on both sides want to get things done, but I also have experience that it takes a long time.” No matter the timeframe, money will continue to be the challenge. Pretty much across the board there will be downsizing, but I do believe cotton will be back in Title I protection, rather than insurance- only. I do believe dairy will get assistance. I think there will be modifications of the nutrition title, specifically SNAP.
I don’t know if there will be significant cuts, but I do believe there will be added requirements to garner votes from people in Washington.”Heading to Capitol Hill —. There are many moving parts when writing a farm bill and the 2. To bring focus into this farm bill process, the Red River Farm Network will spend additional time on Capitol Hill. RRFN kicks off this special series during the week of November 1. In these exclusive reports, you'll hear from important players in this debate. The RRFN Farm Bill Focus coverage is sponsored by the North Dakota Corn Growers Association, North Dakota Soybean Growers Association, National Farmers Union and Ag. Country Farm Credit Services.