Today’s Farm Bill / Section 1031 update has to do with comments made today at the Iowa Land Investment Expo by Elizabeth Williams of DTN. Her assignment, as one of the keynote speakers, was to update the attendees on the Farm Bill. I expected her to discuss subsidies, pricing issues, and so forth, hoping that she might touch on Section 1031 tax-deferred exchanges at least a little. Instead, she led off with quite a few comments about Section 1031 exchanges!
Her comments left me feeling even more unsure of the status of the like-kind definition changes contained (or not contained) in the current Farm Bill being negotiated in congress. Her first comments were that the provision seeking to reclassify subsidized land as non-like-kind to other real estate is still a part of the Senate’s version of the bill. She brought up the point that nothing is certain until the bill is signed into law by President Bush. Last, she also indicated that the administration (President Bush) supported the offensive (in my opinion) provision.
The conclusion I come to is that there is no conclusion yet. We’ll know soon, and we can cross our fingers and keep contacting our congress people in the meantime.
I hope you're not getting sick of these updates. I do them only when something happens that relates to the issue, which lately has been often.
Ken Tharp
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Copyright © 2008 By Ken Tharp, All Rights Reserved. * Today’s Farm Bill / Section 1031 Update * Contact Ken Tharp for information on Section 1031 tax-deferred exchanges anywhere in the United States.
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