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MO corn growers support a beginning farmer tax incentive

Missouri’s corn farmers would like to see the state legislature put a tax incentive in place to invest in the next generation of farmers and ranchers.

Mark Scott, a farmer from eastern Missouri and an outgoing director of the Missouri Corn Growers Association, tells Brownfield a new bill, which could be introduced later this session, will give retiring farmers a tax incentive if they sell or lease their farm to a beginning farmer.

“With farming being a high capital career, you don’t just wake up in the morning and decide to farm unless you have financial backing.”

According to the 2017 Census of Agriculture, of the more than 162,300 farmers in Missouri, only 25% were considered new and beginning farmers. The USDA says the average age of a Missouri farmer is about 58 years old, a stat that hits home with Scott.

“That’s what I am and we need that younger generation.”

The legislation could help encourage farmers to be proactive in succession planning and help keep Missouri farmland in production. The begining farmers tax incentive is one of two big priorities for the Missouri Corn Growers Association during the state legislative session. The other is support for increased investments in rural roads. The Missouri Corn Growers Association is holding their annual meeting in Jefferson City.

Photo credit: Missouri Corn