Changes In Farm Facility Loan Program
The USDA will change the Farm Storage and Drying Equipment Loan Program effective December 13 to reflect reduced on farm storage needs. Loans drop to 25 000 max, use of concrete or electrical costs excluded, and loan rate rises to 50 cents per 100. One year production basis replaces two years.
MENTIONED IN THIS ARTICLE
U.S. Department of Agriculture
Commodity Credit Corporation
USDA
Department
Kenneth E. Frick
Agricultural Stabilization and Conservation Service
Frick
Tax Rules for Flood Disaster Loans for Farmers
Farmers who received Flood Disaster Loans from Farm Service Agency or SBA face tax rules. The first 5000 dollars may be forgiven but may still be taxable if used to replace lost crops feed or supplies. Replacements of personal items are not taxed though casualty losses adjust. Depreciable capital purchases reduce basis by forgiven loan amounts. If funds are used for other purposes, treat undepreciated values as part of cost basis or casualty losses.
MENTIONED IN THIS ARTICLE
Farmer’s Home Administration
Small Business Administration
Lancaster County
Jay W. Irwin
Irwin
Also Mentioned on This Page
Arts Way
Husky
H.P. Alouette
J.D
Starline
Alouette Snowmobile
Shenk
Farm Service
R.D
Lititz
Wisconsin
Allis Chalmers & Briggs & Stratton
Engine and Magneto Service
Amos L. Fisher
Pennfield Corporation
Nissley Farm Service
Washington Boro
L. H. Brubaker
Lancaster, Pa
Roy H. Buch, Inc
Ephrata
Grumelli Farm Service
Quarryville, Pa
BHM Farm Equipment, Inc
Annville, R.D. 1