Congress considering legislation to help younger farmers buy land
Omaha, NE – The Beginning Farmers and Ranchers Act provides a capital gains tax exemption of 25 to 100 percent for older, retiring farmers who sell their land to first-time farmers. Farmers are subject to a capital gains tax when they sell their land for much more than they originally bought it for. Nebraska Farm Bureau Vice President of Governmental Relations Rob Robertson says that often dictates who retiring farmers sell their land to and how much they bid on other acres of land. Robertson says the legislation is a good way to invest in young farmers. Nebraska Congressman Lee Terry and Senator Ben Nelson are both co-sponsoring federal measures designed to help more young farmers start up their operations.