Farmers’ tax liability to rise as tax breaks expire in 2025
Farmers would face an increased federal tax liability of billions of dollars following the expiration of Trump-era tax breaks in 2025, said USDA economists. The biggest impact, estimated at a combined $4.5 billion, would come from reduced income tax rates on individuals, an increased standard deduction, a cap on the deduction for state and local taxes, and the elimination of the personal exemption.
Single-source WIC contracts may make infant formula market more fragile
The way state agencies purchase infant formula for low-income households, under the Women, Infants and Children program, may be creating a less resilient supply chain, said the Federal Trade Commission in a report on factors in the 2022 shortage of formula. The agency also suggested that consolidation among formula makers, and FDA regulation of the industry, may have played a role in the shortage.
TODAY’S QUICK HITS
Bost vs. Bailey: As part of primary elections in Illinois on Tuesday, Republican voters in a downstate district will decide a contest of Trump acolytes: Rep. Mike Bost, seeking a sixth term in the U.S. House, and Darren Bailey, the GOP candidate for governor two years ago. (New York Times)
A billion tons of biomass: The United States could triple its production of biomass to more than 1 billion tons a year, enough to produce 60 billion gallons of low-carbon fuel annually while still meeting demand for food, feed, fiber, forest products, and export. (Energy Department)
Foresters and climate markets: The U.S. Forest Service said it would put $116 million into grants to help underserved and small-acreage owners of forestland to connect with climate markets; an additional $29 million is available to states to develop similar programs. (USDA)
Greater sage grouse protections: The Interior Department released a draft plan to protect the imperiled greater sage grouse, which has dropped in population by 80 percent since 1965, by limiting livestock grazing, mining, and oil and gas drilling in its habitat. (Washington Post)
Scheme for giant sheep: A Montana rancher pleaded guilty to charges of wildlife trafficking in a conspiracy that used cloned embryos to create “giant sheep hybrids” that would be offered to hunters, at a high price, as trophy animals. (The Associated Press)
ON THE CALENDAR
Monday
Agri-Pulse holds an annual Ag and Food Policy Summit with the theme, “Revitalizing rural revenues,” 8 a.m. ET. Speakers include Agriculture Secretary Tom Vilsack, Senate Agriculture chairwoman Debbie Stabenow, and Sen. John Boozman, senior Republican on the Senate Agriculture Committee.
U.S. Canola Association holds board meeting, Washington.
North American Meat Institute holds annual Meat Conference, through Tuesday, Nashville.
The National Grain and Feed Association holds its 127th annual convention, through Tuesday, Orlando.
Tuesday
Tuesday is the first day of spring in the northern hemisphere, when the vernal equinox means there will be more hours of daylight than nighttime until the summer solstice in June. The spring and autumn equinoxes are the only two times yearly that the sun rises due east and sets due west, says the Old Farmer’s Almanac.
The Agriculture Council of America sponsors National Ag Day on the first day of spring to “increase public awareness of agriculture’s vital role in our society.” This year’s theme is, “Growing a climate for tomorrow.” A celebration will be held online and at the Agriculture Department headquarters on the national Mall.
U.S. Apple Association holds USApple Capitol Hill Day, Washington.
CropLife America and RISE hold board meetings and legislative rallies, through Wednesday, Washington.
Wednesday
House Agriculture Committee hearing, “The danger China poses to American agriculture,” 11:30 a.m. ET, 1300 Longworth. Witnesses include South Dakota Gov. Kristi Noem and Rep. Mike Gallagher, chairman of the House select committee on China.
Ohio State University economist discusses place-based development as part of the 2024 Economic Outlook and Policy Webinar Series.
Council for Agricultural Science and Technology releases an issue paper, “Applications, benefits, and challenges of genome-edited crops,” 11:30 a.m. ET, St. Louis.
Thursday
Agriculture Secretary Tom Vilsack is lead witness at House Appropriations subcommittee hearing on the proposed fiscal 2025 budget for the USDA, 10 a.m. ET, 2362-A Rayburn.
Friday
USDA releases monthly Cattle on Feed report, 3 p.m. ET.
