The National Council of State Agriculture Finance Programs (NCOSAFP) is an informal organization, whose affairs are conducted by aBoard of Directors selected from the NCOSAFP membership, that keeps its members informed on state programs being developed across the nation and on farm finance issues emerging in Washington, D.C.
National Council Goals
- To represent the interest of state agriculture finance programs in the development of legislation, regulation and consideration of other issues that affect the ability of such programs to meet the intended public purposes.
- To facilitate continuing communication and educational programs among the membership.
- To explore and evaluate new ideas in agriculture financing.
- To offer assistance to states that may be interested in developing state agriculture finance programs.
Facilitating Farmers' Access to Resources and Machinery Act | May 2016
Overview/What Will The Bill Do?
HR 5335 was introduced by Congressman Young of Iowa on May 25, 2016. The bill proposed three changes to the existing Agricultural Bond language contained in the Internal Revenue Code of 1986. Click here for a copy of the proposed bill.
- The Bill would increase from $450,000 to $520,000 (adjusted annually for inflation) the amount of bond proceeds that may be used by a first-time farmer to acquire land for farming purposes.
- The Bill would repeal repeal the separate dollar limitation on the use of bond proceeds for used farm equipment.
- The Bill would modify the definition of "substantial farmland" to determine farm size by reference to the average (instead of median) size of a farm in the county in which the farm is located.
These changes would greatly increase affordable financing opportunities for young farmers and ranchers all across the US by enhancing this first-time farmer program.