Tax credits under new law affect farmers and credits
The new tax law sharply reduces investment credits for farmers and preserves two exceptions. It retains a 10 percent timber credit and introduces a 15 year carryback option with limits. Carryovers from 1987 and later face 17.5 percent and 35 percent reductions. A separate targeted wage credit for nine groups is cut to 40 percent for first year wages. second year wages are eliminated.
Changes in business tax credits and depreciation rules
The text notes a reduction in how much business tax credits can offset tax liability. Previously credits could reduce $25,000 plus 85 percent of liability over that amount. The limit shifts to 75 percent of liability over $25,000, effective for tax years beginning next week, with depreciation changes to follow.
USDA Reform for Commodity Certificates Policy Change
The USDA plans to revise how commodity certificates are exchanged for CCC owned stock to better reflect market conditions. Values will be based on multi market comparisons and receiving charges, with telephone requests and daily intra day adjustments. New catalogs list eligible CCC grains, with warehouse and barge stock moving to catalog redemption. County ASCS offices will use multimarket comparisons for producer loan redemptions.
MENTIONED IN THIS ARTICLE
U.S. Department of Agriculture
Commodity Credit Corp
CCC
ASCS
Pepin farm club sets annual meet
The Pepin County Farm Management Club will hold its annual meeting on December 17 at Club 10, five miles east of Durand on Highway 10. A luncheon will be served at noon followed by the election of officers. Farmers interested in the club are invited to attend.
MENTIONED IN THIS ARTICLE
Pepin County Farm Management Club
Durand
Highway 10
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