Vote for Roanoke County Farm Bureau Member Megan Seibel for Farm Mom of the Year
From the Field: Farm Bureau Coordinates Career Fair
This Week’s Commodity Comments: April 22, 2015
Governor McAuliffe Announces Major Conservation Initiative
The administration’s goal is to identify, conserve and protect at least 1,000 treasures by the end of the governor’s term. Criteria for what constitutes a treasure have been developed by the Commonwealth’s natural resources staff. Treasures could fall into one of two defined categories: land conservation or natural, cultural and recreational.
The Virginia Department of Conservation and Recreation is the lead agency charged with tracking Virginia Treasures. Multiple state agencies, land trusts, local governments and private groups are involved in the initiative.
House Passes Bill to Eliminate Estate Taxes
“Farmers’ and ranchers’ assets are tied up in the land, not sitting in a bank. And farm families certainly don’t have cash on hand to pay a double tax at death,” Stallman said in a statement. “This leaves many surviving family members with few options other than selling off part or all of their land to pay estate taxes. Too often, cashing in these assets can cripple their business.”
Many farmers have benefited greatly from previous congressional action that increased the estate tax exemption to $5 million indexed for inflation, provided portability between spouses, and continued stepped-up basis, Stallman noted in a letter urging House lawmakers to approve the repeal bill. Instead of spending money on life insurance and estate planning, many farmers today can expand their businesses, upgrade buildings and purchase needed equipment and livestock.
“And more importantly, they can continue farming when a family member dies without having to sell land, livestock or equipment to pay the tax,” Stallman wrote.
Still, estate taxes continue to be a problem for farmers and ranchers for a couple of reasons. First, the indexed estate tax exemption is still working to catch up with the increase in farmland values over the past several years. Second, the value of family-owned farms and ranches is 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 partners have few options other than to sell off farm and ranch assets, jeopardizing the viability of their business,” Stallman explained.
Farm Bureau Endorses Bill to Sink Controversial WOTUS Rule
This Week’s Commodity Comments: April 15, 2015
Agriculture Mediation Services Available for Farm-Related Disputes
From the Field: Helping You Is What We Do Best
When my father passed away, several of my co-workers and Farm Bureau volunteers offered help on the farm, some from a couple of counties away. A farming neighbor helped load up my hay feeder this winter when my tractor was in the repair shop. Another neighbor split some firewood for me. I can’t say for sure that this outpouring of generosity doesn’t happen in the city or suburbs, but it is prevalent in small rural communities. The patchwork of small rural communities with agriculture woven in is one of our country’s greatest assets and qualities.









