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Copyright © 2015
Angus Journal



The Angus Journal Daily, formerly the Angus e-List, is a compilation of Angus industry news; information about hot topics in the beef industry; and updates about upcoming shows, sales and events. Click here to subscribe.

News Update

February 16, 2015

NCBA Applauds House Efforts to Make Permanent Section 179 of Tax Code

On Friday, Feb. 13, 2015, the U.S. House of Representatives passed H.R. 636 America’s Small Business Tax Relief Act of 2015. This bill, sponsored by Rep. Pat Tiberi (R-Ohio) will make permanent the $500,000 expensing levels for small businesses under Section 179 of the tax code.

National Cattlemen’s Beef Association (NCBA) President Philip Ellis said permanency to the tax code is critical for cattlemen in order to make necessary purchasing decisions and informed business decisions. The passage of this bill allows farmers and ranchers to write off capital expenditures in the year that purchases are made rather than depreciate them over time. The passage of this bill follows a letter NCBA, along with 33 other groups, signed to Speaker of the House, Rep. Boehner, urging the permanency of Section 179 of the tax code.

“Section 179 small business expensing provides agricultural producers with a way to maximize business purchases in years when they have positive cash flow,” the letter reads. “Under the expired law, the maximum amount that a small business can immediately expense when purchasing business assets instead of depreciating them over time is $25,000 adjusted for inflation.”

Agriculture requires large investments in machinery, equipment and other depreciable assets and the ability to immediately expense capital purchases provides an incentive for farmers and ranchers to invest in their businesses and offers the benefit of reducing the recordkeeping burden associated with the depreciation.

“We appreciate Rep. Tiberi’s leadership on behalf of small businesses like so many in the cattle industry,” said Ellis, a Wyoming rancher. “We urge the Senate to take up similar legislation and continue working toward a comprehensive tax reform that provides a stable business environment.”

Statement by AFBF President Regarding Passage of H.R. 636

American Farm Bureau Federation President Bob Stallman gave the following statement on the Passage of H.R. 636.

“America’s farmers and ranchers need reliable tax tools to help them stay competitive in spite of changing weather and fluctuating markets. With the passage of H.R. 636, America’s Small Business Tax Relief Act of 2015, Congress is one step closer to securing Section 179 small business expensing permanently.

“Farmers and ranchers are continually upgrading and adapting to make their businesses more efficient and profitable. Thanks to the immediate expensing that Section 179 allows, farmers and ranchers can put money right back to work by purchasing new equipment and technology with cash instead of taking on unnecessary debt and expenses.

“Temporary fixes and extensions to the tax code are just not enough. Setting the maximum deduction at $500,000, rather than the current rate of $25,000, would give small businesses the certainty they need to invest in the future.”

Alliance to Host 2015 Stakeholders Summit

Early registration is now available for the Animal Agriculture Alliance’s annual Stakeholders Summit, to be May 6-7, 2015. This year, the Alliance’s showcase event is themed “The Journey to Extraordinary.”

The summit is a one-of-a-kind conference attended by a diverse group of decision makers, including representatives from farms, ranches, food processors, restaurants, grocery stores, legislators, universities and government agencies. The 2015 event, set in Kansas City, Mo., will be the first edition of the summit hosted outside of the Washington, D.C., area.

While the 2014 summit focused on the millennial generation and how it is defining the demand for meat, milk and eggs, this year’s event will explore animal agriculture’s continuous efforts to improve practices, produce enough food efficiently to feed a hungry and growing population, and connect with consumers.

The alliance again welcomes Andy Vance, renowned agricultural journalist for Feedstuffs and active National Association of Farm Broadcasting (NAFB) member, as the 2015 summit moderator. Other confirmed speakers include Dennis Dimick, executive editor of National Geographic magazine and Brad Scott, partner in Scott Bros. Dairy Farms and past participant on the reality television show Undercover Boss.

Summit highlights will include:

This year, the summit will be at the Intercontinental Hotel in Kansas City, Mo. Rooms are available at a special group rate on the hotel’s website or by calling 866-856-9717.

For more information, please view the Angus Journal Virtual Library calendar of upcoming events here.

Cover Cropping, Soil Health Workshop Slated for March 6 in Lubbock

Cover cropping, the practice of planting a crop to prevent soil erosion and add organic matter, will be the focus of a workshop conducted by the Texas A&M AgriLife Extension Service from 8:30 a.m.-2:30 p.m. March 6 at the Texas A&M AgriLife Research and Extension Center at Lubbock.

The center is located at 1102 East Farm-to-Market Road 1294.

Individual registration is $30. RSVP to the AgriLife Extension office in Lubbock County at 806-775-1740 is requested by March 4.

“Testimonials abound concerning the potential benefits to cover-crop use,” said Mark Brown, AgriLife Extension agent in Lubbock County. “With our limited water resources, will the practice work on the South Plains? With that in mind, the goal of this program is to bring forth information to start the validation process necessary to determine whether the benefits outweigh the costs of cover cropping under our growing conditions.”

Calvin Trostle, AgriLife Extension agronomist at Lubbock, said regional producers realize cover crops would use significant amounts of water, so he said it is natural to determine if the practice is even permissible under current water-use guidelines.

“It’s a practice used mostly where there is much more rainfall than we have here,” Trostle said. “Will it work here? Would the water needed to grow cover crops be detrimental to our cropping system? What are the potential long-term benefits for soil improvement? And do tillage options affect cover cropping? These questions and more are the focus of this workshop where we will attempt to take a pragmatic look at the pros and cons of cover cropping, and, at a minimum, identify components of cover cropping that could enhance South Plains crop production.”

Brown said speakers will include staff from AgriLife, Texas Tech USDA Natural Resources Conservation Service and several area producers who have initiated cover cropping on part of their land.

Producers can access educational materials at http://lubbock.tamu.edu/cover-crops.

“The exchange of ideas among attendees, coupled with research and demonstration work conducted by AgriLife, will help us identify aspects of cover cropping that may be beneficial to the region,” Trostle said.

For more information, please view the Angus Journal Virtual Library calendar of upcoming events here.

Animal-related Workshops Offered at ANR Week

During the 100th anniversary of Agriculture and Natural Resources (ANR) Week at Michigan State University (MSU) March 7-14, attendees can participate in a variety of meetings, workshops and conferences in areas such as agriculture, horticulture and natural resources. Workshops being offered this year will explore a wide array of animal topics.

One of the many locations hosting ANR Week sessions is Anthony Hall. Here ANR Week participants can explore topics such as equine education or producing sheep and goat products on small farms.

For 100 years, the MSU College of Agriculture and Natural Resources (CANR), MSU Extension and MSU AgBioResearch have welcomed visitors to ANR Week.

For a complete list of programs, conferences and educational opportunities, visit anrweek.canr.msu.edu or contact Jennifer Labun at 517-884-7351 or events@anr.msu.edu.

For more information, please view the Angus Journal Virtual Library calendar of upcoming events here.

 

 
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