Ag Docket

On June 30, 2021, IRS issued Rev. Proc. 2021-14, which details special elections and revocations available to taxpayers with farming loss net operating losses (NOLs) in 2018, 2019, and 2020.

As of July 1, 2021, Florida has a new Right to Farm Act (RTFA). On April 30, 2021, Governor DeSantis of Florida signed SB 88 into law, amending Florida’s RTFA in several ways. See Fla. Stat. § 823.14.

On Friday, June 25, the United States Supreme Court issued an opinion determining the availability of an extension to the small refinery[i] hardship exemption within the renewable fuel standards program (RFS).

On June 18, the Iowa Supreme Court—in a 4-3 decision—dismissed a water quality lawsuit filed against the State of Iowa[i] by two social justice groups, Iowa Citizens for Community Improvement and Food and Water Watch.

On May 28, 2021, the Treasury Department released the "Green Book," a description of revenue proposals within President Biden’s fiscal year 2022 budget.

UPDATE: On June 23, a judge from the Middle District of Florida also granted a preliminary injunction halting the debt relief program. Wynn v. Vilsack, 2021 WL 2580678 (M.D. Fla. June 23, 2021).

The Center for Agricultural and Rural Development recently posted this policy brief discussing the possible implications of the Growing Climate Solutions Act of 2021 on the carbon market for agriculture:

Update: On June 16, 2021, Governor Reynolds signed this bill into law.

After several years of litigation flowing from dicamba drift damage to cotton, soybeans, and other crops,[i] Monsanto (owned by parent company Bayer) agreed to enter into a Soybean Producers Master Settlement Agreement.

As President Biden wrapped up his first 100 days, he rolled out the last of three proposals forming the backbone of his tax and spending policies, the “Build Back Better” plan.

On March 29, 2021, the Iowa Department of Revenue announced a filing and payment extension for individual taxpayers, from April 30, 2021, to June 1, 2021.

Update: Sign-up for this program opened April 5. https://www.farmers.gov/cfap/apply

By a vote of 92-7, the Senate today passed HR 1799, the PPP Extension Act of 2021. The House had passed this bill on March 16, 2021, by a vote of 415 to 13.

It’s been difficult enough to keep up with federal tax changes this year, let alone worry about how Iowa is treating these changes.

On March 17, 2021, IRS issued the following news release:

President Biden signed the American Rescue Plan Act of 2021 (ARPA), H.R. 1319, into law on March 11, 2021.

Note: This post has been updated to include new guidance and forms published March 12 and March 18 at the bottom.

Between the pandemic, a trade war, and assorted natural disasters, agricultural producers, like most other businesses, faced a difficult 2020.