Sworn in amid the ongoing worldwide pandemic and followed by an attack on the Capitol days later, the 117th Congress began its work during a turbulent time in our nation. While their current priority is working with a new administration on additional pandemic relief, a key question for Farm Credit East members is how the new Congress will address the issues facing Northeast agriculture, forest products and commercial fishing.
Different sectors of the fruit industry had highs and lows in 2020. Apples showed a smaller crop than usual, but cranberries did well due to increased retail juice sales. The wine and craft beverage sector was hit hard early in 2020 due to COVID-19 restrictions, but bounced back with the availability of online ordering and curbside pickup.
The American Rescue Plan Act extended the Employee Retention Credit through December 31, 2021. Farm Credit East Senior Tax Consultant Dario Arezzo explains implications for tax planning purposes in this month's Tax Talks.
The livestock industry had some difficulties in 2020, mainly due to production pivoting from food service markets to retail, as well as complications with meat packing plant shutdowns throughout the year.