Franklin County Farm Bureau News

From Gay Bowlin, Franklin County Farm Bureau Manager 

This will be my last article for the year. First of all I want to wish everyone a Very Merry Christmas. ‘Tis the Season and all – please keep those who are less fortunate and those who are going through personal issues and health issues in your thoughts and prayers. Have a Safe and Happy New Year as well.

Gay Bowlin -Franklin County Farm Bureau Manager

The Young Leaders will finish delivering food to the area food pantries this Thursday. Last Friday we were able to deliver to Thompsonville and Whittington and we still have 7 left this week.  Our donations this year totaled $6,525 – this is a great amount of money. The crops were good but the bottom line on each acre was not as good as it has been in the past. Our farmers and a few others step up each year to make this happen and our Young Leaders are blessed to be able to deliver the food for those who are in need.

U.S. House and Senate conferees have agreed on a final tax reform package and each chamber will take final action this week, sending H.R. 1 to the President’s desk — making it the first comprehensive tax bill in 30 years.   House vote was Tuesday.  Senate vote is later this week. This bill states the following:

 H.R. 1 – the Tax Cuts and Jobs Act contains many provisions that will benefit Illinois agriculture by:

• Cutting tax rates for small businesses and maintaining Schedule F deductions – including full deduction of property taxes on agricultural land in production.
• Establishing an automatic 20% deduction for pass-throughs.
• Doubling the estate tax exemption to $11 million (individual)/$22 million (couple) and while retaining stepped-up basis.  (Sunsets 12/31/25)
• Expanding Section 179 small business expensing to $1 million per year, and
• Allowing immediate 100% bonus depreciation for five years.
• Maintaining the full business interest deduction for farms grossing less than $25 million per year.
• Allowing farm businesses to carry back net operating losses for 2 years.
• Continuing like-kind exchanges for land and buildings.
• Allowing individual taxpayers take a deduction up to $10,000 for any combination of state and local taxes.
• Partially eliminating the AMT (Alternative Minimum Tax).
• Making NO changes in the self-employment (SE) taxes farmers pay.
• Doubling the Child Tax Credit to $2,000
• Preserving the mortgage interest deduction and relief for Americans with expensive medical bills.
• We have encouraged our members to take action and contact their Senators and Representatives on this vote.

I want to congratulate Brad Browning, Franklin County Young Leader Chair for being invited to participate in the 2018 Agricultural Leaders of Tomorrow. This year ALOT is being held in the southern part of the state and only 25 individuals were picked to participate. to

As a volunteer organization, the Illinois Farm Bureau relies on our member leaders to not only champion the cause within Farm Bureau, but also to represent agriculture in a wide range of activities. Agricultural Leaders Of Tomorrow provides selected Illinois Farm Bureau members an opportunity to learn a broad range of skills to enrich their leadership abilities and enhance agriculture’s voice in Illinois. ALOT is for IFB® members who are ready to take the next step. Whether it’s as a county Farm Bureau president or a member of the state board, or to head up a committee for your local Farm Bureau, work in an agribusiness, or become a leader in your community, this program can help you achieve your goals. As a group, you’ll tackle new challenges in agriculture. As an individual, you’ll emerge as a leader.

Remember we are farmers working together. If we can help let us know.