California Senate Rejects Tax Break and Farmer Sentiment Higher in May
From the Ag Information Network, this is your Agribusiness Update.
**California lawmakers are weighing a proposal from Governor Gavin Newsom to more than double the state’s $330 million film and television tax credit to protect jobs in Hollywood.
This after a state Senate committee REJECTED a bill to create a more modest tax credit for struggling farms by reimbursing the cost of overtime wages.
The California Farm Bureau says the Legislature elected to ignore arguments about putting more money in our farmworker’s pockets.
**If Congress doesn’t extend current tax provisions, America’s farmers and ranchers will be forced to pay up to $9 billion more in federal taxes every year.
The 2017 Tax Cuts and Jobs Act is set to expire at the end of this year.
An American Farm Bureau report says each dollar a farm family pays in taxes is one less they can spend to improve their operation, hire more workers, or put toward growing food, fiber, and fuel.
**Farmer sentiment in May climbed to its highest level since May 2021.
The Purdue University/CME Group Ag Economy Barometer index reached 158, ten points above April.
The Current Conditions Index climbed five points to 146, and the Future Expectations Index jumped 12 points to 164.
Farmers’ views were much more optimistic about U.S. ag export prospects, combined with a less negative view on the impact of tariffs.
