Ohio Farm Bureau introduces Energy and Utility Issues Resource Guide
Ohio Farm Bureau’s newest resource for members seeks to help farmland owners navigate the many questions surrounding energy development.
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 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.
The plan we are on is great. It’s comparable to my previous job's plan, and we are a sole proprietor.
I could not have done it without the resources I have found through Farm Bureau.
We really appreciate what Farm Bureau has done to get people interested in this line of work and workforce development and getting people interested in this industry.
We work terrifically with the Ashtabula County Farm Bureau, hosting at least one to two outreach town hall events every year to educate new farmers and existing farmers on traditional CAUV and woodlands.
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 Friends of Agriculture see success on Election Night
Through a grassroots process, county leaders identified 106 seats where a Friend of Agriculture could be named, with 104 of those seats ultimately being won by a Friend of Agriculture candidate.
Read More
Ohio Farm Bureau names participants for AgriPOWER Class XV
Ohio Farm Bureau’s 2024-2025 AgriPOWER Institute kicked off in October with 14 farmers and agribusiness professionals participating in Class XV.
Read More
Rescue ready: 58 fire crews get life-saving grain rescue tools
Nationwide’s Grain Bin Safety campaign has awarded grain rescue tubes and training to 390 fire departments across 32 states since 2014.
Read More
Ohio Farm Bureau opens 2025 Winter Leadership Experience registration
The event takes place Feb. 7-8, 2025 at Kalahari in Sandusky, Ohio and is open to members of all ages. Registration closes Jan. 21.
Read More
Five 2025 FUSION Conference scholarships available
Receive free conference registration and complimentary transportation to and from the conference March 7-10, 2025 in Denver.
Read More
End-of-Year Savings Event: Up to 20% off pole barn repairs, renovations
From minor fixes to complete overhauls, this limited time offer is your chance to save on necessary updates and give your post-frame building the attention it deserves.
Read More
Communications Boot Camp: Taking my agriculture story to the next level
Sharing our story is how we connect with others, especially those not involved in the day-to-day operations of agriculture.
Read More
Growing our Generation: Agritourism and risk management
Bethany Schappacher, a Clinton County Farm Bureau member, and her family own Schappacher Farms, a 50-acre pumpkin farm featuring a corn maze, hayrides, fall treats and other family activities.
Read More
Legal with Leah: Corporate Transparency Act deadline approaching
Time is running out for thousands of farmers who may face steep fines and possible jail time for failing to…
Read More