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Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
The USDA has announced that the deadline for CRP participants to elect out of any current CRP contracts will end January 30, 2015. Under the new Farm Bill, certain CRP participants who met certain requirements were allowed to opt-out of the CRP contract early without penalty. Here is a fact sheet on those conditions.
Practices that are eligible for the early opt-out are:
CP1 - Establishment of Permanent Introduced Grasses and Legumes
CP2 - Establishment of Permanent Native Grasses
CP3 - Tree Planting
CP10 - Vegetative Cover - Grass - Already Established
CP11 - Vegetative Cover - Trees - Already Established
Based on the restrictions, there may not be that many acres eligible for the early opt-out, but if this applies to you, make sure to initiate this process before January 30, 2015.
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