Weekly News: August 12th Edition
Updated: Jul 24, 2020
By Mayhah Suri
Nationally Farmland Values Decline but Increase in Maryland On Friday, the National Ag Statistics Services (NASS) released the 2016 summary on land values. Nationally, farm real estate values decreased by 0.3 percent, for cropland 1 percent, and for pastureland remained unchanged in 2016. In Maryland, however, the summary found farm real estate values and cropland values increased by 0.9 percent and pastureland values increased by 1.7 percent. To read the complete summary, click here http://bit.ly/2aB04ju.
Nationally Cash Rents Decline but Increase in Maryland On Friday, NASS also released average cash rental rates for the US. Nationally, cropland cash rental rates dropped by 5.56 percent, irrigated cropland rental rates are down by 1.44 percent, non-irrigated cropland down by 6.02 percent, and pasture rental rates are down by 7.14 percent. Nationally, this is in reflection of the downward turn of the farm economy in 2015 and 2016. In Maryland, cash rental rates for cropland, irrigated cropland, and non-irrigated were up from previous years when reported. Later this year, NASS will release the county average rental rate data. Paul Goeringer will have tables available of the rental rates in the coming weeks. To see the cash rental rates for Maryland or any other state, check out quickstats.nass.usda.gov or check out the coverage on agweb.com at http://bit.ly/2b25nfP.
IRS Announces Notice on Payroll Tax Penalties Back in May, payroll tax deposits were due to IRS on May 30, Memorial Day. Typically when this date falls on a federal holiday, taxes are due on the next business day. The IRS’s computers did not get this message and issued notices that numerous employers were delinquent and face fines and penalties for “late” payment. IRS issued a notice this week that the penalties and fines will be forgiven. If you are an employer who got one of these notices, check out this story by Paul Nieffer, http://bit.ly/2bfx98X.
Maryland Department of Agriculture Launches ‘Maryland’s Best Restaurant’ Promotion The Maryland Department of Agriculture’s Maryland’s Best program is launching a new state-wide seasonal promotion with restaurants. Maryland’s Best is the source to find the best local food and products from Maryland farmers. The promotion, “Maryland’s Best Restaurants” runs August through October, encouraging restaurants to source, purchase, prepare with, and promote local Maryland specialty crops on their menus and online. To read the full press release click here: http://news.maryland.gov/mda/press-release/2016/07/29/maryland-department-of-agriculture-launches-marylands-best-restaurant-promotion/
New Guide for Opening a Distillery Available Interested in opening a distillery? Check out ALEI’s new guide on the legal details you’ll need to keep in mind here: http://drum.lib.umd.edu/handle/1903/18514
ICYMI: On-Farm Brewery Videos Available Check out the two-part video explainer of the Maryland Farm Brewery Law. An on-farm brewery can diversify your farm’s products and increase visibility. Check them out here under Agritourism: http://umaglaw.org/videos.html