 |
 |
|
For Immediate Release
|
Representative Steve King
5th Congressional District of Iowa |
 |
October 26, 2007 |
|
|
|
King Offers Bill to Support
Young and First-Time Farmers |
|
| |
|
Washington, D.C.—Congressman Steve King recently endorsed a bill that would help young and beginning farmers get started. King wrote the original proposal. New, tax exempt "Aggie Bonds" would be made available to young farmers at local banks if the new bill were to become law.
“American farmers are getting older. That’s just a matter of fact,” commented King. “In order for Iowa to remain an agricultural world leader, we need to encourage our young men and women to stay in Iowa and pursue agriculture opportunities.”
The bill, known as the Agricultural Bond Improvement Act of 2007, would amend the Internal Revenue Code Act of 1986 by upgrading assistance to young farmers. The Agricultural Bond Improvement Act raises the limit of affordable, low cost credit that beginning farmers can access at their local bank through tax-exempt "Aggie Bonds". The new bonds would be available at a value between $250,000 and $450,000.
“While today’s commodity prices are beneficial for established farmers, those same high prices can make it difficult for beginning farmers to get a toe hold. As older farmers are looking to retire, “Aggie Bonds” would raise the bond limit so that beginning farmers have a way to get into the game,” added King.
-30-
|
|
|
|
