The Farm Bill has been bogged down since the Fall while Congress has battled over funding the government. Given it’s an election year, Congressional leaders have acknowledged if the Farm Bill isn’t passed by mid-year, it will likely be extended for another year leaving it for the next Congress to complete. Several Farm Credit backed proposals have been introduced this Congress that would allow Farm Credit to lean into meeting the capital needs of rural America. The intent is for these “marker bills” to be included in the Farm Bill. Here is a summary of four of them.
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Tax Talks
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In the context of farming business structures, acquiring a life insurance policy is a prevalent practice. Here are two common scenarios and an update on an ongoing Supreme Court case involving the IRS concerning the valuation of businesses when insurance payouts are implicated and whether such proceeds are deemed liabilities or not.
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Profitability
Returning Customer Value through Patronage Dividends
For the past 28 years, Farm Credit East has returned a share of its earnings to customers in the form of patronage dividends – a benefit of cooperative ownership. In fact, since the patronage program was first adopted, customer-owners of Farm Credit East (and predecessor cooperatives) have received more than $1.4 billion in dividends from ownership of their cooperative. But what exactly is a patronage dividend?
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Crop Insurance
Crop Insurance Provides Certainty Against Unpredictable Weather
Crop insurance can protect against financial losses from weather-related crop damage and quality reductions. Its purpose is to ensure farmers can continue operating after a difficult season. In a year like 2023, being insured against these types of weather events can make or break a business.
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Crop Insurance
Another Wet One – How Crop Growers Can Help Northeast Tobacco Growers
In 2023, the Northeast experienced another wet tobacco growing season. Given the high cost of tobacco cultivation (over $1,000 per acre), risk management plans are crucial for producers. Connecticut insured more than 3,000 acres of this valuable crop. The purpose of crop insurance, like any other insurance, is not to bring profits but to make the producer whole again so they can continue to farm the following year.
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Ag Economy
2024 Dairy Outlook Webinar Recap
Last year saw a marked decline in milk prices from 2022. Feed and fuel costs declined to a lesser extent, but many other expenses increased, reducing margins for dairy producers. Farm Credit East and Crop Growers crop insurance recently hosted a webinar to provide a 2024 outlook for the Northeast dairy industry.
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