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  • Farm Bureau supports estate tax repeal bills
  • Article

    Farm Bureau supports estate tax repeal bills

    Ohio Farm Bureau Staff | Posted on

    March 29, 2021



    farm with cornfield

    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.

    New and beginning farmers
    My first recommendation in your journey is to start out with a local farming friend or mentor along with joining an organization like Ohio Farm Bureau.
    Greg McGlinch's avatar
    Greg McGlinch

    Darke County Farm Bureau

    Growing Tomorrow Grant
    We’re just so thankful for the Farm Bureau and the foundation for helping put this together. And of course, the Boyert family for the vision they had with this grant. It’s jumping us forward 10 years. It’s unbelievable.
    Nathan and Jill Parriman's avatar
    Nathan and Jill Parriman

    Clermont County Farm Bureau

    Bringing the farm back to life
    I could not have done it without the resources I have found through Farm Bureau.
    Gretchan Francis's avatar
    Gretchan Francis

    Trumbull County Farm Bureau

    Youth pathways in Farm Bureau
    It wasn’t until I joined the Wilmington College Collegiate Farm Bureau that I truly saw how my passion could translate into leadership, advocacy and a career.
    Wyatt Morrow's avatar
    Wyatt Morrow

    Clinton County Farm Bureau

    Giving farmers a voice
    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.
    Matt Aultman's avatar
    Matt Aultman

    Darke County Farm Bureau

    Select Partner Program
    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.
    Chad Ruhl's avatar
    Chad Ruhl

    Farm manager, CSI Insurance

    Advocacy
    So many of the issues that OFBF and its members are advocating for are important to all Ohioans. I look at OFBF as an agricultural watchdog advocating for farmers and rural communities across Ohio.
    Mary Smallsreed's avatar
    Mary Smallsreed

    Trumbull County Farm Bureau

    Suggested Tags:
    AdvocacyBuckeye Farm NewsBusiness ClimateEstate TaxGood GovernmentTaxes

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    Ohio Farm Bureau Federation is a member of American Farm Bureau Federation®, a national organization of farmers and ranchers including Farm Bureau® organizations in 49 other states and Puerto Rico, and is responsible for Farm Bureau membership and programs within the State of Ohio. Ohio Farm Bureau Federation programs and services are available only to Farm Bureau members within Ohio. The political views expressed in these pages represent Ohio Farm Bureau Federation's positions on various issues as they relate to Ohio. The positions of the national Farm Bureau organization collectively are expressed through American Farm Bureau Federation. Any opinions, statements or views expressed through comments or by outside contributors are the express views of those individuals and do not necessarily represent the views of the Ohio Farm Bureau Federation.

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    Ohio Farm Bureau Federation is a member of American Farm Bureau Federation®, a national organization of farmers and ranchers including Farm Bureau® organizations in 49 other states and Puerto Rico, and is responsible for Farm Bureau membership and programs within the State of Ohio. Ohio Farm Bureau Federation programs and services are available only to Farm Bureau members within Ohio. The political views expressed in these pages represent Ohio Farm Bureau Federation's positions on various issues as they relate to Ohio. The positions of the national Farm Bureau organization collectively are expressed through American Farm Bureau Federation. Any opinions, statements or views expressed through comments or by outside contributors are the express views of those individuals and do not necessarily represent the views of the Ohio Farm Bureau Federation.

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