Subsidies
The opportunity to participate comes available at a crucial time, as growers are experiencing low commodity prices, high input costs and a variety of trade uncertainties.
USDA is directing expedited processing to get farmers economic relief payments based on planted and prevented planted crop acres for the 2024 crop year.
Since being confirmed on Feb. 13, Secretary Rollins has been in the Washington D.C., USDA office for a few hours. Most of her time has been spent visiting farmers, ranchers and ag businesses in Kentucky, Kansas and at Top Producer Summit.
USDA will issue $1.7 billion through the Conservation Reserve Program (CRP) and CRP Transition Incentive Program (CRP TIP). USDA will also distribute more than $447 million in ARC and PLC payments related to 2023 crops.
“If we step back and look at what that means for farmland, we’re taking our energy production system from highly centralized production facilities and we have to distribute it,” says David Muth.
The 2017 Tax Act temporarily raises estate tax exemption, impacting farm estates. If it expires, large farms with gross cash income between $1M and $5M would see the largest increase, rising from 2.8% to 7.3%.
Farmers are protesting across the European Union, saying they are facing rising costs and taxes, red tape, excessive environmental rules and competition from cheap food imports.
Every year, around this time, FSA mails letters to randomly selected farmers and landowners informing them they are facing an audit. If you receive a letter, don’t panic. Get help from experts who deal with FSA reviews.
Some Republican House and Senate members have expressed their concerns to USDA Secretary Tom Vilsack, particularly regarding the new payment formula used for ERP in 2022.