American Farm Bureau Federation is asking farmers and ranchers to urge their lawmakers to support House and Senate legislation to eliminate the estate tax.
The current but temporary estate tax exemption of $11 million per person has allowed farmers and ranchers to expand their businesses, upgrade buildings and purchase needed equipment and livestock, rather than spend their money
on life insurance and estate planning. More importantly, when a family member dies, the family can keep a future in farming, without having to sell land, livestock or equipment to pay the tax. The exemption is indexed for inflation while continuing stepped-up basis and portability between spouses.
“In spite of this much-appreciated relief, estate taxes still hang heavy over many family farm businesses. Farm and ranch assets are usually tied to illiquid assets such as land, buildings and equipment. When estate taxes on an agricultural business exceed cash and other liquid assets, surviving family members have few options other than to sell off farm and ranch assets, placing their business at risk,” AFBF President Zippy Duvall said in a letter to Capitol Hill lawmakers.
Duvall also noted that in 2026, the estate tax exemption reverts to $5.5. million per person, which will force many farmers and ranchers to divert resources from their agricultural business for estate tax planning – unless Congress extends the higher estate tax exemption rate.
“The American Farm Bureau believes that tax laws should protect, not harm the family farms that grow America’s food and fiber, and give sons and daughters the ability to follow the agricultural legacy of their parents,” he wrote.
The Farm Bureau-backed Death Tax Repeal Act of 2021 (H.R. 1712, S. 617) was introduced in the House and Senate earlier this month, and Farm Bureau members are encouraged to contact their members of Congress in support of the bills. According to AFBF analysis, not repealing the estate tax threatens more than 74,000 family farms across the country and nearly half of all farmland.
The Small-Scale Food Business Guide covers federal and state regulations for selling food products such as raw meat, dairy, eggs, baked goods, cottage foods, fruits and vegetables, honey and more.
Read More
Agriculture for Good Government PAC has endorsed Justice Joseph Deters, Judge Dan Hawkins and Judge Megan Shanahan for election to the Ohio Supreme Court.
Read More
The Ohio State University President Walter “Ted” Carter Jr. visited Ohio Farm Bureau President Bill Patterson and his family at their farm, Patterson Fruit Farm, July 23, 2024, as part of Carter’s tour of Ohio agriculture.
Read More
As Ohio Farm Bureau Policy Counsel Leah Curtis notes in this Legal with Leah, these changes should result in significant tax savings for many Ohio woodland owners.
Read More
Craig Pohlman of Venedocia was recently named to the seven-member Ohio Farm Bureau Health Benefits Plan Board of Trustees.
Read More
CAUV 202 took a deeper dive into how tax bills are formulated and what exactly goes into the Current Agricultural Use Value numbers.
Read More
After years of advocacy from Ohio Farm Bureau and its partners, the Ohio Department of Taxation announced today that it will address inaccurate woodland calculations in the Current Agricultural Use Value program.
Read More
Marlene Eick of Wooster has been named senior director, leadership development for Ohio Farm Bureau.
Read More
The 2024 Ohio Farm Bureau Foundation Golf Invitational raised over $110,000 for foundation scholarships, grants and programs that help enhance agricultural communities and support careers in agriculture.
Read More
An unusually warm February and March has Ohio produce crops maturing ahead of schedule, which impacts u-pick operations.
Read More
