Ag bankers, farmers, and ranchers are pushing for the passage of the ACRE Act.
It could make lending cheaper for producers, a move the American Bankers Association says would have a big, positive impact across the economy.
“It’s a tax bill. So, in the context of agriculture, we always think Farm Bill right? But in reality, there are a lot of taxes that affect agriculture, the ACRE Act being one of those pieces of legislation that would change the tax code. So, to break it down, what it will do is it’ll change the tax code around agricultural farm real estate lending, rural housing, aquaculture, and fishery,” said Ed Elfman.
Elfman says the ACRE Act would allow farmers and ranchers to take advantage of cheaper borrowing rates. He says it is an idea that has been around for decades but never got much traction. Kansas Senator Roger Marshall helped author the bill, and he calls it “common sense legislation” that could reverse years of downward trends.
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The House Agriculture Committee is set to debate a new, “skinny” Farm Bill at the end of February, according to a release from Committee Chairman Rep. Glenn “GT” Thompson.
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The fun continues in Nashville next year at CattleCon 2027!
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The phone call injected optimism into the soybean market, but actual Chinese buying and its timing will ultimately determine the extent of U.S. agricultural export benefits.
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