Cover crops were planted on almost 750,000 acres in Nebraska in 2017, the last year of the USDA Ag Census. A recent Cornhusker Economics reports cover crop acreage by county as well as how to consider their short-term costs and potential long-term benefits when negotiating crop land leases.
After several years of agricultural prosperity and US net farm income that peaked at almost $124 billion in 2013, the most recent forecast from the UDSA Economic Research Service projects net farm income at less than $70 billion for 2019. The Extension Risk Management Education program helps farmers learn how to navigate the many risks they face.
Given the constraints of both the landlord and tenant, real estate taxes, and the farm economy, finding an equitable crop land rental agreement before February 28 may take a little creativity this year. Considering these factors may help.
Among the many tax consequences of the Tax Cuts and Jobs Act of 2017, are those affected by Section 199A deduction. A good tax break for farmers, it changes incentives for farmer patrons to market through cooperatives.