The House and Senate conference committee have posted the Farm Bill agreement worked out over the weekend; the text is available at http://www.ag.senate.gov/issues/farm-bill and other sites. The House is expected to vote on this Bill on Wednesday and it is expected to pass by a small margin. The Senate may vote as early as late this week or early next week, and it is projected to pass. It is anticipated that the President will sign it into law. As we know from experience, this is what is EXPECTED, but we will know soon enough the fate of this agreement.
Some of the highlights of the Credit Title are as follows:
1) Elimination of guaranteed loan term limits;
2) “median” reverts back to “average” acreage in the beginning farmer ownership limitations;
3) Embedded entities, definitional changes got fixed;
4) Micro loans are exempt from direct term limits;
5) Requirement for an annual report on the impact of term limits on direct operating loans. This is bigger than it first appears and we hope that objective evidence from the report will lead to eventual removal of term limits
More information will follow as we study the details and the bill moves closer to passage. The NACS legislative committee felt it was important to communicate this information to our members.
NACS Legislative Committee