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Congressman Lee Terry (R-NE) and Congressman Earl Pomeroy (D-ND) today introduced legislation to provide tax relief in the effort to increase the number of beginning farmers and ranchers, while keeping more of the nation's agricultural land in production.
The bipartisan legislation would provide capital gains tax relief to land owners who voluntarily sell their land to first-time buyer farmers and ranchers, as well as to other buyers who keep the land in agricultural production. The bill has been endorsed by numerous state and national agricultural organizations, including the American Farm Bureau Federation, National Farmers Union, and the Center for Rural Affairs, according to a release from Terry and Pomeroy's offices.
"Soaring land values and the high rate of absentee land owners often prevent young agricultural producers from owning their own land. My bill aims to help the upcoming generation of farmers and ranchers compete with larger producers. At the same time, it will help preserve productive farm ground near rural areas," Terry said.
"Agriculture is the backbone of North Dakota's economy, and the next generation of farmers and ranchers represent our state's future," Pomeroy said. "This legislation will make it easier for individuals to begin their career and ensure that family farmers remain the basis of production agriculture in this country."
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