The ACRE Act will benefit ag bankers, farmers, and ranchers, but how?

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.

Related Stories
Higher biofuel mandates boost long-term crop demand, but a tighter D4 market may pressure biofuel feedstocks and pose new soybean oil demand risks.
According to a tweet from Rep. Anna Paulina Luna, the full House vote on the Farm Bill will be held until lawmakers return from recess.
Roger McEowen joins us to explain the USDA appeals process and how farmers should navigate adverse decisions and crop insurance disputes.
EPA’s approval gives citrus growers a new disease-fighting tool against greening at a time when production losses remain severe.
The House is moving forward with debate on the Farm Bill after a lengthy session in the House Rules Committee cleared the legislation for floor consideration.
Rail rulings, export terminal access, and equipment rules are becoming bigger factors in grain shipping costs and reliability.

LATEST STORIES BY THIS AUTHOR:

RURAL RADIO Sets New Guinness World Record at Indianapolis Motor Speedway for World’s Largest Parade of Pickup Trucks
California Bountiful on RFD-TV provides a fast-paced look at subjects important to us all: the food, wine, flowers, meats and fiber products grown in the state.
America’s Heartland brings positive, heartfelt stories about American agriculture to viewers in both urban and rural areas.