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Lancaster Farming in Lancaster, Pennsylvania

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Newspaper

Lancaster Farming

Location

Lancaster, Pennsylvania, United States of America

Date

Dec 23, 1972

Page

9

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.

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.

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
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