Ohio Farm Bureau hosts statewide CAUV update webinar
The Statewide CAUV Update Webinar explained more about the recent changes in CAUV and what could be next for the program. Watch the recording.
Read MoreIt’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.
The Statewide CAUV Update Webinar explained more about the recent changes in CAUV and what could be next for the program. Watch the recording.
Read MoreThe guide includes a farm driver checklist, overview of state and federal regulations and exemptions, CDL qualifications and more.
Read More
Scholarships are available to students pursuing degrees in agriculture-related fields or that support the agriculture industry.
Read MoreHundreds of Ohio businesses and sole proprietors are raving about Ohio Farm Bureau’s Health Benefits plan with lower, predictable costs and easy enrollment and administration options.
Read MoreAgriPOWER Class XIV spent a few days in March in Medina and Wayne counties learning more about northern Ohio agriculture from leaders in Ohio Farm Bureau.
Read MoreLeading Ohio Farm Bureau’s 2024 YAP State Committee are Luke and Kayla Durbin of Coshocton County, Tim and Sarah Terrill of Montgomery County and Carly Fitz of Perry County.
Read MoreFarming is a very rewarding occupation, but it can come with hazardous territory if there are not proper training protocols in place.
Read MoreOhio Farm Bureau’s farmer leaders plus members of the media and select Farm Bureau staff are at the nation’s capital March. 12-14, 2024 for the annual County Presidents Trip to Washington, D.C.
Read MoreThe SEC voted on its final climate disclosure rule and removed the Scope 3 reporting requirement, which would have required public companies to report the greenhouse gas emissions of their supply chain.
Read MoreThis position is created for an active Young Ag Professional member who has a passion for fundraising and is interested in further developing their leadership skills. Apply by May 3.
Read More