Weekly News Roundup: August 19th Edition
Updated: Jul 24
By Mayhah Suri
What Kind of Ag Law Outreach Would You Like to See? Now available online is a program evaluation for the Ag Law Education Initiative (ALEI). The evaluation will help ALEI determine what topics to prioritize in the coming years. Let us know what you want to know! You can take the brief, anonymous survey here: http://go.umd.edu/ALEIEval
New Rules for Somerset County Chicken Farms Bill Satterfield is Executive Director for Delmarva Poultry Industry, Incorporated. He’s happy with the changes, which will affect for new construction starting October 1st. The space between any chicken house and any residence will be doubled, from 200 feet to at least 400 feet and possibly more for any chicken house exceeding 225 thousand square feet. For the full story click here: http://www.wmdt.com/news/more-local-news/new-rules-for-somerset-chicken-farms/41139260
IRS Proposing Elimination of Tax Benefits Utilized in Many Farm Succession Plans IRS has released long-promised proposed rules that would eliminate estate and gift tax discounts utilized by many farms to pass minority interests on to the next generation. Currently, owners can pass on a minority interest to a successor at a 50 to 70 percent discount. The IRS has long believed this discount is abusive because it minimizes gift and estate taxes owed. IRS is currently asking for comments on the proposed regs for the next 90 days; you can make comments here http://bit.ly/2aWLXJK. To learn more about the implications of this change, click here http://bit.ly/2btZMfE, here http://bit.ly/2b4NhW9, or here http://bit.ly/2b1PJwZ.
Reminder: Crop Insurance Workshop is Sept. 13 Signup is still going on for the 2016 Crop Insurance Workshop in Annapolis. The workshop will feature speakers from RMA covering the new crop reporting requirements and covering Whole Farm Crop Insurance, and other speakers will highlight how USDA is working with farmers to combat climate change, preparing for the next Farm Bill, and income verification for Whole Farm Crop Insurance. The workshop is free to attend, and you can get more details and register at http://go.umd.edu/MdCropInsWorkshop.
2016 American Ag Law Association’s Annual Meeting in Oklahoma City For those attorneys with an interest in agricultural law, the AALA will hold their annual meeting in Oklahoma City on Oct. 6 – 8. The meeting features numerous CLE opportunities and opportunities to network with ag law attorneys from across the United States. You can get more details on the agenda and register at http://go.umd.edu/AALA16.
How to Determine Value When Ag Data is Destroyed This week on the blog FarmerHayek.com, Terry Griffin is highlighting how an expert witness might put a value on destroyed agricultural data. Terry uses an example involving destroyed data on a yield monitor. The three-part series is worth the read to gain a sense of this evolving area of law. You can view the series at farmerhayek.com.
Initial Estimates of Flooding Damage on Louisiana Rice of $14.3 Million More than 20 inches of rain have fallen in southwest Louisiana since last week, and with more on the way, the full scope of damage due to historic flooding in the area won’t become clear until the water recedes. After talking with extension agents in every affected parish, and using an average yield value of 7,100 lb/acre and an average rice price of $11 per cwt, Harrell came up with what he called “a highly speculative estimate” of approximately $14.3 million in losses for the southwest Louisiana rice crop. This estimate does not include potential ratoon rice losses. Learn more here: http://bit.ly/2blbHz3