Ag Docket Blog
The Iowa Court of Appeals recently had the opportunity to interpret Iowa Code §562.5A, which, in the absence of a writing to the contrary, grants tenants the right to harvest corn stalks until the lease terminates. Little has been written about his law, which was enacted in 2010 in response to the growing value of corn stalks.
In a blogpost yesterday, EPA Administrator Gina McCarthy and Assistant Secretary of the Army Jo-Ellen Darcy announced that their offices had sent a draft final version of what's been called the Waters of the United States (WOTUS) rule to the Office of Management and Budget on April 3.
As the general economy continues to struggle, the farm economy will have another tough year. Crop prices have declined significantly from where they were a couple of years ago, and financial stress among producers is increasing. In the general economy, the March 2015 jobs report tells an awful tale – a record 93.175 million Americans 16 years old and older are not working, the January and Feb
On April 1, 2015, the United States Court of Appeals for the Sixth Circuit admonished the USDA for denying farm program benefits to a farmer and forcing him to “navigate a bureaucratic labyrinth,” all the while “demonstrat[ing] a disregard for its own regulations.”
April Fool's Day seems the appropriate time to highlight what's become a near daily mantra: beware of tax-related scams and schemes. Unfortunately, these warnings continue because the sophistication of the scammers is exploding. No longer is it merely the naive who are being sucked in by these scams.
The United States Bankruptcy Court for the Northern District of Iowa recently ruled in favor of the debtors in an adversary action brought by their bank. The bank argued that the debtors’ obligations under a promissory note and an agricultural security agreement should be excepted from discharge in their Chapter 7 bankruptcy under 11 U.S.C. § 523(a)(6).
USDA has just announced that owners and producers will have one more week to reallocate base acres or elect between Agricultural Risk Coverage (ARC) and Price Loss Coverage (PLC). The new deadline for both activities is now April 7, 2015. This marks the second extension for owners to update their yield histories or reallocate base acres.
The drop in crop prices in recent months has introduced financial strain for some producers. Bankruptcy practitioners that we know are reporting an increase in clients dealing with debt workouts and other bankruptcy-related concerns. We will produce a technical article for TaxPlace on the debt discharge rules for farmers, but below is an outline of the basics.
The 2014 Farm Bill was enacted into law in early 2014. It contains the farm program rules that will govern participating farmers for the next five years. Under the new rules, the total amount of payments that an individual or entity can receive either directly or indirectly (except for a joint venture or general partnership) for any crop year is $125,000. Spouses are able to double that amou
The Center for Agricultural Law and Taxation does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. The Center's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.