AFBF adopts Ohio Farm Bureau policies at 106th Convention
All 13 policies that came from Ohio were passed on the AFBF delegate floor.
Read More
It’s pretty much a given that with every new presidential administration, the direction for major national policy will see some changes. Many of those policies have an impact on agriculture in one way, shape or form. Some of the initial language of President Joe Biden’s tax plan have farmers concerned, especially when it comes to something called stepped-up basis.
“Stepped-up basis is used when you inherit an asset, where instead of the tax basis being applied for what an asset was originally purchased for, the basis gets stepped up to the market value at the time of inheritance,” said Brandon Kern, senior director of state and national policy with Ohio Farm Bureau. “For example, if Dad bought farmland for $2,000 an acre 30 years ago, you could inherit that farm now worth $7,000 an acre. Stepped-up basis says that at the time you inherit that farm, that $7,000 an acre becomes the basis for what you could be taxed for that asset should you sell it and achieve a capital gain.“
For decades, stepped-up basis has created a significant tax break for those inheriting an asset such as farmland, and the removal of it could put a huge burden on family farms across Ohio, which often find themselves land rich and cash poor.
“After a farm is passed down, some upgrades to equipment or technology may be needed to keep the operation running efficiently,“ Kern said. “That may require selling off some ground in order to generate the capital to make those upgrades. Without stepped-up basis, showing the capital gains for the sale of that land is a pricey tax proposition and could hinder that farm’s progress.“
Kern said Farm Bureau is watching this issue vigilantly, and he and his team will activate members to make their voices heard should actual proposals come forward that would make these detrimental changes to current tax policy.
ONLINE EXTRA
The plan we are on is great. It’s comparable to my previous job's plan, and we are a sole proprietor.
To grow a network and gain perspective and knowledge in the industry through personal and professional development has been invaluable. Every day I learn and grow.
The issue of property taxation remains as one of the biggest challenges our members face today. Ensuring agricultural property is valued for its agricultural potential and not development is critical to the continued success of Ohio agriculture.
Farm Bureau is what really got the word out. It’s been one of their goals to get this done.
I could not have done it without the resources I have found through Farm Bureau.
Because we are younger farmers just starting out, Farm Bureau has a lot of good opportunities and resources to help us grow in the future.
Through the Select Partner program, we became educated in farm insurance and weren't just selling policies. It became more and more clear why farmers need an advocate like Ohio Farm Bureau.
Featured Articles
Ohio Farm Bureau Foundation Awards Youth Pathways Grant to Buckeye Local School District
Buckeye Local is pioneering a new standard in rural education innovation, merging physical infrastructure with curricular advancements to deepen students’ interest in agriculture and its extensive career options.
Read More
Campbell wins American Farm Bureau Discussion Meet
Ohio Farm Bureau Young Agricultural Professional Abby Campbell of Washington County is the winner of the 2025 American Farm Bureau Discussion Meet.
Read More
Corporate Transparency Act is back
On Jan. 24, the Supreme Court issued an order granting a request by the government to allow enforcement of the Corporate Transparency Act (CTA) while litigation continues over the law.
Read More
106th American Farm Bureau Annual Convention coverage
Follow the action as it’s happening in San Antonio on Ohio Farm Bureau social media channels: Facebook, YouTube, X and TikTok, using #AFBF25.
Read More
Ohio Farm Bureau hosting statewide CAUV update webinar
Join Ohio Farm Bureau for a free webinar Feb. 11 to discuss the recent increases in CAUV values, Registration is required.
Read More
Growing our Generation: Succession planning for the future
Dr. Ron Hanson helps counsel farm families to resolve conflicts while helping the next generation assure their financial future. He is a featured speaker at the 2025 Winter Leadership Experience.
Read More
Ohio Farm Bureau Foundation appoints new leadership
Ohio Farm Bureau Foundation recently added four new board members and elected officers of its 14-member board, which oversees the charitable, nonprofit organization.
Read More
Ohio Farm Bureau Foundation awards 2025 Workforce Development & Ag Literacy Grants
Grants support ag-related programming that enhances agricultural literacy efforts while creating pathways for young people to learn about ag careers.
Read More
Warm up your pole barn with FBi Buildings’ Winter Interior Liner Special
Now through Feb. 28, you can receive free insulation when finishing an existing pole barn interior.
Read More