By: Ag. Reporter Mollie Goode
New legislation was introduced by Senator Mitch McConnell that intends to help mitigate the loss of agricultural farmland.
McConnell announced the Protecting American Farmlands Act on Tuesday, which would support farmers and keep agricultural land in production through capital gains tax relief. The legislation aims to support farmland retention and help retiring farmers as their operations transition to the next generations.
Kentucky Farm Bureau President Eddie Melton says the organization is familiar with the Protecting American Farmland, as it builds on the work done through the Kentucky Farm Bureau Farmland Transition Initiative. He believes the legislation will strengthen the future of American agriculture and is proud to support the Senator as the legislation moves forward.
A news release from the Kentucky Farm Bureau says the agricultural landscape has changed drastically in recent decades, but this bill plans to ease the financial barriers and keep farmland in production.
The bill will defer taxes of landowners who sell to active producers and gives retiring farmers the option to sell their land without significant portions going to taxes.