Lower crop prices and changes to formula point to lower CAUV values in the future
By Larry R. Gearhardt, Assistant Professor and Field Specialist, Taxation
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States With the Highest Property Taxes
(This information was taken from an article by Michael Cohn, Washington DC, appearing in Accounting Today News on April 8, 2015)
The consumer finance site WalletHub has released a new report ranking the states with the highest and lowest real estate and vehicle property taxes across the country.
Algae Control Bill Awaits Governor's Approval
Ohio’s Senate and House of Representatives have agreed upon a final bill intended to control algae production in Lake Erie and its western basin. Senate Bill 1, as amended by the House, passed both chambers on March 25 and now awaits Governor Kasich’s signature. (Post note: Governor signed the bill on April 2, 2015; its effective date is July 3, 2015).
Comparing Ohio’s Proposed Algae Control Legislation
Senate and House bills on algae control differ
On March 10, the Ohio House of Representatives passed H.B. 61, a proposal to address Ohio’s toxic algae issues. Last month, the Ohio Senate approved a bill on the same issue, but with several points of difference. The two must now reconcile these differences and agree upon a plan for reducing the occurrence of toxic algae in Lake Erie, which they have stated they will soon accomplish. The House already began its hearings on the Senate bill on March 11.
FAA Proposes Rule for Small Drone Operation
After much anticipation, the Federal Aviation Administration (FAA) has published proposed regulations that would govern the operation of drones used for agricultural and other activities. The proposal would allow farmers and ranchers to operate drones, referred to in the rule as “unmanned aircraft” and “unmanned aircraft systems” (UAS), subject to requirements intended to address public safety and national security concerns.
Ohio Senate Passes Algae Control Legislation
Legislation intended to reduce the occurrence of harmful algae blooms in Ohio passed the Ohio Senate on February 18 after a fast track through the Senate Agriculture Committee. The enacted version of Senate Bill 1 varies somewhat from the original bill introduced on February 2 by Senators Randy Gardner and Bob Peterson, but maintains a primary goal of prohibiting certain types of fertilizer and manure applications in Ohio's western basin in winter and rainfail weather conditions along with addressing other potential contributors to the algae problem.
Leasing, Conditional Sales Agreements, and the Future of Section 179
Author: LARRY R. GEARHARDT, OSU EXTENSION FIELD SPECIALIST IN TAXATION
Generally, a taxpayer that buys business or income-producing property (not held for sale) with a useful life of more than one year cannot deduct its full cost as an expense for that year. However, the Internal Revenue Code (Code) allows an annual deduction of a portion of the cost of the property. This deduction may be a deduction for depreciation, amortization or depletion.
Federal Court Dismisses Lawsuit Challenging ODA and Ohio EPA Livestock Permitting
A federal court has dismissed a lawsuit claiming that the Ohio Department of Agriculture (ODA) is improperly issuing National Pollutant Discharge Elimination System (NPDES) permits for concentrated animal feeding operations without authorization by the U.S. EPA. Two residents of northwest Ohio filed the suit last summer against the ODA, the Ohio EPA and the U.S.
New Legislative Session Begins with Changes to Ohio's Agriculture Committees
House Committee Sets Out to Address Water Quality
OSU Extension to Offer Farmland Leasing Workshops
Ohio State University Extension will offer four Farmland Leasing Workshops throughout Ohio this February.
The three hour workshops will include topics of interest to both landowners and farm operators, such as factors affecting leasing options and rental rates, analyzing rent survey data and legal requirements and provisions for farm leases. The speakers will help attendees consider how to use data in negotiations and to apply legal information to leasing practices.
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