Ag Industry Trends & Outlooks

This month's Knowledge Exchange Partner gives an overview of select futures markets as part of a 2024 agricultural economic outlook. Compiled by Farm Credit East's Director of Knowledge Exchange, Chris Laughton. 

In 2017, the Tax Cuts and Jobs act was passed, putting a $10,000 limit on the amount of state and local tax that can be deducted on an individual's tax returns. For high income taxpayers that also pay a significant amount of property taxes, they quickly get to this $10,000 cap. For taxpayers who own pass thru entities such as partnerships and S-Corps, there is a potential way around this cap. This work around is called the Pass-Through Entity Tax.

Many farmers think of crop insurance as only relevant for large row-crop growers. But if you’re a diversified farm, there are new options that are worth another look, particularly in light of recurring natural disasters that have been hitting the region.

Farming remains one of the most dangerous occupations in the country. Accidents can, and do, happen all the time. It’s important to implement preventative precautions and to be prepared if the worst case scenario happens.