Two New Publications Available Covering Crop Insurance and Capital Gains Taxes
Updated: Jul 10, 2020
By New Publications
Two new publications have recently been completed as a part of the Maryland Crop Insurance Education Program. These publications represent a diverse set of risk management education topics. To see more of our crop insurance publications, click here.
The first is focused on the new Supplemental Coverage Option (SCO) crop insurance program created by the 2014 Farm Bill. Supplemental Coverage Option Now a Part of the Federal Crop Insurance Program by Paul Goeringer and Howard Leathers highlights this new crop insurance product, covered commodities for the 2015 crop year, and areas of coverage. SCO will cover a yield loss when you choose Yield Protection, or revenue loss when you choose Revenue Protection. SCO coverage will depend on your underlying policy coverage level and approved yield on your underlying policy.
The second publication is focused on capital gains tax implications on preserving farmland. Taxes and Land Preservation: Computing the Capital Gains Tax, UME #FS-780was originally authored by Lori Lynch and was updated by Lori Lynch and Paul Goeringer. This publication highlights how capital gains taxes can potentially impact selling of a conservation easement to a land trust can have on the landowner. Landowners should think carefully about these implications and talk to a certified tax professional on potential strategies to limit their tax burden, including capital gains taxes.
Both of these publications are available on the AREC Extension homepage.