Dollars Available for Livestock Producers to Expand Their Operation
Are you wanting to invest in a new livestock operation or expand your current one? You may qualify for a refundable income tax credit of up to $500,000 thanks to the work of Nebraska Farm Bureau and other agricultural organizations. But you don’t want to wait to apply, as money will be awarded on a first come, first served basis.
With the strong support of Farm Bureau, state senators recently passed LB 1261, a bill to increase the amount of tax credits available each year under the Nebraska Advantage Rural Development Act from $1 million to $10 million. The bill also increases the maximum amount available for certain livestock modernization or expansion projects from $150,000 per application to $500,000.
Whether building a new barn, buying a new feeder, or installing state of the art smart technology, this is an opportunity to get a leg up in an industry that is constantly improving by modernizing operations and increasing capacity. This includes livestock housing, confinement, feeding, production, and waste management. The grant can be up to 10 percent of a total project estimated investment cost. The total investment cannot be less than $50,000, but an investment of up to $5,000,000 can be applicable.
Projects must meet certain requirements for approval. Applications must be submitted by a single taxpayer or entity, who must estimate tax credits of investment and employment growth. If you have employees, you must be enrolled in E-verify, the federal electronic verification program used to confirm whether employees are authorized to work in the United States.
You can submit multiple applications for multiple investment projects. November 1, 2022 is the final day to apply. Currently, $1,000,000 has been allocated, so $9,000,000 remains for new applicants.
Contact Nebraska Farm Bureau with any questions regarding the Livestock Modernization Act.
For more information and the application, visit:https://revenue.nebraska.gov/incentives/rural/application-guide.
Please note, the application says there is a limit of $150,000, however, that is in the process of being updated. Input the amount you are applying for up to $500,000.
Nebraska Farm Bureau President Testifies to House Ways and Means Committee
The United States’ trading relationship with Mexico and Canada is one of the most important. Nebraska farmers and ranchers exported just under $2 billion in agricultural products to Canada and Mexico in 2020 and approximately $2.5 billion in 2021. In a hearing chaired by Nebraska Third District Congressman Adrian Smith, NEFB President Mark McHargue provided testimony focused on enforcement of the U.S.-Mexico-Canada Agreement (USMCA). USMCA, which was negotiated by former President Trump, updated the North American Free Trade Agreement (NAFTA), and went into effect in the Spring of 2020. Since that time, both Canada and Mexico have announced a series of policy changes that have impacted the agreement. In December of 2020 brought a case against Canada over the implementation of dairy tariff-rate quotas (TRQ’s) that were limiting U.S. dairy exports. In December 2021 the U.S. won the case when a dispute panel concluded that Canada was not meeting its dairy import obligations under USMCA. “One of the primary goals of USMCA was to provide U.S. dairy producers more access to Canadian markets. Fortunately, even in the face of clear violations from Canada, it appears the enforcement mechanisms of the agreement are working,” McHargue said. Also mentioned by McHargue was a December of 2020 Presidential Decree from the Mexican government stating their intention to phase out the use of glyphosate and use of genetically modified (GM) corn for human consumption by 2024. “Mexico’s announcement has created unnecessary uncertainty and goes against the intent of the reformed agreement. Again, we hope President Biden and USTR Ambassador Tai continue to work with the Mexican government and utilize any enforcement mechanisms within the agreement, if need be,” McHargue said.
USDA Sends Out Emergency Relief Program Applications
The Agriculture Department will soon start distributing $6 billion in disaster relief payments for losses producers had in 2020 and 2021 through a wide range of natural disasters. Last week, USDA sent out pre-filled applications as part of the Emergency Relief Program (ERP).
Phase 1 payments in Nebraska are estimated to reach $230 million. Phase 1 focuses on streamlining payments to producers whose crop insurance and/or Noninsured Crop Disaster Assistance Program (NAP) data are already on file. Phase 2 focuses on filling payment gaps to cover producers who did not participate or receive payments through existing programs or with other special cases. More Phase 2 details are expected later this summer
Farmers and ranchers over the past two years faced billions of dollars in losses associated with wildfire, extreme drought, hurricanes, tornados, and other major weather events. Those who had losses in early 2020 have waited over two years to hear program specifics. American Farm Bureau Market Intel dives into what we know so far about how the rebranded disaster assistance program will work and what farmers should expect when trying to determine their qualification status.
Elect Mike Flood to Congress in Upcoming Special Election
We know it’s been a busy election season, but it’s imperative you get out and vote in this historic Special Election. Winning this seat will give an edge in seniority over other first-term House members in 2023 for future committee assignments in Washington, D.C. That’s why it’s so important to make your vote count.
Nebraska Farm Bureau’s Political Action Committee endorsed Mike Flood. Flood has been a strong advocate for Farm Bureau priorities such as tax reform, working to expand broadband and e-connectivity, as well as growing opportunities for economic development in rural areas. Based on the results of Nebraska Farm Bureau’s grassroots selection process, which involves gathering input from local County Farm Bureaus across that district, Flood demonstrates his understanding of agriculture and its impact on our economy.
In-person early voting has already begun, and early ballots will be sent beginning June 10 to those who request them. The last day to submit a request for an early voting ballot to be mailed to you is June 17. You can take a picture or scan your request and email it to your county election official. Or you can mail or fax your application to your county election office.
Congressional District 1 is comprised of all or part (*) of the following counties: Butler, Cass, Colfax, Cuming, Dodge, Lancaster, Madison, Platte, Polk*, Sarpy*, Seward, and Stanton.
Action Alert! Protect Rural Farmers and Ranchers from Wall Street Rules and Regulations
The Securities and Exchange Commission (SEC) recently proposed a rule requiring companies to disclose emissions throughout the supply chain. This has Nebraska Farm Bureau concerned for the issues farmers and ranchers face from the proposal.
The rule proposes to require large companies, those that you think about being on Wall Street, to disclose their scope three emissions. While the SEC doesn’t necessarily regulate farmers or ranchers, this rule-making could create burdensome paperwork and liabilities for farmers and ranchers to comply with what the companies need to meet the obligations for the SEC.
We need you to write to the SEC today and tell them to stop this invasive regulatory overreach! Deadline is June 17, 2022.