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Members have three ways to apply: contacting a certified agent, calling 833-468-4280 or visiting ohiofarmbureauhealthplans.org.
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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
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.
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.
I could not have done it without the resources I have found through 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.
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.
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.
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.
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