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“These bridge payments are authorized under the Commodity Credit
Corporation Charter Act,” the department said on the FBA Program
website, noting it is a one-time payment.
Illinois Corn Growers Association President Mark Bunselmeyer
said that will help.
“Most farms have been operating in the red the last few years
and anticipate that again this upcoming year, too. So it is a
relief, but it is a small bandage,” said Bunselmeyer, who farms
in Maroa, Illinois.
Bunselmeyer said farmers need to find more demand for their
commodities and more certainty about the cost of their inputs
they get from other countries, like fertilizers, herbicides,
fungicides and insecticides.
“Their active ingredients are things that are coming in from
China and other foreign countries,” he said. “And the
uncertainty there has also added in some tariff costs to that,
have increased the cost of those inputs for farmers.”
Bridge payments are expected to be released to farmers who
reported eligible crops at the end of next month. Bunselmeyer
said that will help, but Congress could do something now.
“The first thing that the federal government could do that would
be simple and wouldn't cost the taxpayers a single thing is
approved year round E15 gasoline,” Bunselmeyer said.
E15 gasoline is a fuel derived from corn.
Bunselmeyer said on a state level, the estate tax must be
addressed.
“And it's not been based on inflation,” he said of Illinois
inheritance tax. “It is separate itself from the federal
government's estate tax. And it just makes planning for that
next generation of farmers tougher.”
Illinois’ estate tax imposes a levy on estates valued at more
than $4 million. The federal estate tax will be nearly $14
million for 2025.
The Illinois Senate returns to the state capitol Tuesday. The
House will be in for three scheduled days next week.
Gov. J.B. Pritzker last year said he was open to the idea of
modifying the state’s estate tax. But, the governor said any
proposal to increase the amount the tax kicks in should include
a plan to offset the possible lost tax revenue to the state from
the change.
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