“Fiscal Cliff” Poses Tax Implications on Agriculture Posted on 12/13/2012 by Nathan Bowen As Congress continues to debate the quickly approaching “fiscal cliff,” many farmers and ranchers across the United States are watching anxiously as the threat of an increased tax burden looms for many. Tax packages passed during the George W. Bush administration, and extended in 2010, set the current estate tax exemption at $5 million per person with a tax rate of 35 percent. If the “fiscal cliff” situation is left unsolved on January 1, 2013, the estate tax exemptions will drop to only $1 million per person, with no spousal transfers allowed, and tax rates will rise to 55 percent. With 85 percent of farm and ranch assets tied up in illiquid items, many agriculture groups worry the increased tax rate could dramatically impact a family’s ability to maintain a farm or ranching operation following the death of a family member. Legislation was introduced last year in the House (H.R. 1259) and Senate (S.2242) to address this issue. Introduced in March 2011 ...Full PostResource Added: 12/13/2012Latest Update: 01/03/2013
EPA Denies RFS Waiver Request Posted on 12/13/2012 by Nathan Bowen EPA announced last week that it had declined a request by several state governors to waive the Renewable Fuels Standard. In turning down the waiver request, EPA said that the economic analyses it conducted in conjunction with USDA and the Department of Energy did not find evidence of “severe economic harm” as is required by statute in order for a waiver to be granted.Full PostResource Added: 12/13/2012Latest Update: 12/13/2012
North Carolina: N.C. Christmas trees and poinsettias perfect for holidays Posted on 12/13/2012 by Amanda Bryant From the White House to your house, N.C. Christmas tree growers have something for everyone. A 19-foot Fraser fir left Peak Farms in Jefferson Saturday destined for Washington, D.C., as the official 2012 White House Christmas Tree. Additional trees from Cool Springs Nursery in Banner Elk were also chosen for the residence of the vice president. “This is the first time the White House tree and vice president’s tree have come from the same state,” said Agriculture Commissioner Steve Troxler. “It speaks volumes about the quality of trees available in North Carolina.” “A cold fall and good amount of moisture have really helped us have an excellent crop this year,” said Agriculture Commissioner Steve Troxler. “Consumers should notice an ample supply and selection to fit any budget.” North Carolina ranks second in the nation in Christmas tree production, and more than 5 million trees are harvested annually. For more information, ...Full PostResource Added: 12/13/2012Latest Update: 12/17/2012
Tennessee: State Ag and Economic Development Officials to Host “Rural Opportunities Roundtable” Posted on 12/13/2012 by Amanda Bryant The Tennessee departments of Agriculture and Economic and Community Development are hosting a “Rural Opportunities Roundtable” for farmers, landowners, local extension and county leaders in Benton, Carroll, Crockett, Dyer, Gibson, Henry, Lake, Obion and Weakley counties. The meeting will take place Dec. 10 at 10 a.m. at the West Tennessee Agricultural Museum in Milan. The purpose of the meeting is to hear stakeholder concerns about agriculture and forestry issues and to explore opportunities for developing the state’s rural economy. The agenda includes a discussion of the Ag Enhancement program, Pick Tennessee Products and other topics of interest to area landowners. Representatives from the UT Institute of Agriculture will address the impacts of crop irrigation and marketing. Agriculture Commissioner Julius Johnson and other agency representatives will all be on hand to discuss programs and services to support rural economic development. For more information, ...Full PostResource Added: 12/13/2012Latest Update: 12/13/2012