Political Quotes

“I rise today to join Senator Grassley and others to introduce the TERFF Act, Tax Empowerment and Relief for Farmers and Fisherman. This bill includes several provisions providing tax relief that will help our nation's farmers. First, this bill will create FFARRM, Farm, Fish and Ranch Risk Management, Accounts that will provide farmers, ranchers and fishermen with additional money management tools. Agricultural producers will be allowed to contribute up to 20 percent of their annual income into these accounts. The tax on this income will be deferred for up to five years or until the depositor withdraws the money. The bill will amend the tax code to ensure that farm cash rents are not subject to an additional 15 percent self-employment tax. Additionally, the bill will ensure CRP, Conservation Reserve Program, payments are not subject to the same self-employment tax. I have also co-sponsored a similar CRP bill with Senator Brownback from Kansas. The bill will also enable States to expand opportunities for beginning farmers who are in need of low interest loans for capital purchases of farmland and equipment. The bill provides that interest, rent and royalty payment made by a subsidiary to a non-profit are not subject to a unrelated business income taxes. The bill provides a tax deduction to farmers and ranchers who donate food to hunger relief organizations.”