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Show The Feb. 22 - March I, 2001 Times-Independe- nt Farmers would benefit from proposed FARRM accounts bill Utah Farm Bureau praised Sen. Orrin Hatch and other lawmakers in Washington, D.C., for introducing a bill last week that would allow farmers and ranchers to deposit a portion of their yearly income into special Farm and Ranch Risk Management savings accounts, with the funds reserved for use in times of decreased farm income. UFBF President Ken Ashby acknowledged the strong support from Sen. Hatch who was one of the original cosponsors, citing that the bill would greatly benefit farmers and ranchers in Utah and across the country. Farming and ranching is a cyclical business. One year our income may be up, the next year it may be down - depending on the markets and Mother Natures cooperation," said Ashby. FARRM accounts would give producers a valuable risk management tool to help to better manage the income 0 bumps and dips of this unpredictable busi- a farmer is that our incomes are at the w him of the weather and market prices ness." infactors that are out of our control. By takUnder the FARRM account proposal troduced Feb. 15 by Reps. Kenny Hulshof ing advantage of FARRM accounts, producers would have an additional risk manageand Karen Thurman farmers and ranchers would be allowed to ment tool at their disposal. Farmers would deposit up to 20 percent of their yearly pre- control how much goes into the accounts, tax income into special accounts. Deposits and how much and when the money comes to these FARRM savings accounts could be out. Americas farmers and ranchers are curheld in reserve for up to five years, with the funds taxed upon withdrawal. The re- rently facing the fourth straight year of serves could be used in years slumping commodity prices, with no sign to help producers meet the expenses in- of a rebound in the immediate future. curred during the operation of their farms. Stallman said agricultures income uncerBecause farmers and ranchers are price-taker- tainty sometimes force farm and ranch not price-maker-s, we do not know families to make financially risky choices. from one year to the next if our businesses He said FARRM accounts will provide will earn a profit, break even, or operate in farmers with a meaningful incentive to the red," said American Farm Bureau save for a rainy day." Stallman noted that President Bob Stallman, a rice and cattle too often some producers are forced to tap producer from Texas. The nature of being (D-Fla.- (R-Mo- .) La low-inco- s, Sal Mountain Realty - Real Estate Development Land - Residential - Commercial 435.686.2323 Land Land ), - 1.888.655.2725 Land Sal Mountains, Desert, and Recreational Properties La Appraisal Services Available Teague Eskelsen Owner - Agent Gayla Williams Broker Deer Haven Park Old La Sal |