New data from USDA’s Economic Research Service shows less than 1% of farm estates created in 2022 must file an estate tax return.
Created in 1916, the federal estate tax is a tax on the transfer of property to a person’s heirs upon death.
Researchers estimate in 2022, 39,500 estates were created from principal operator deaths.
Of those, ERS forecasts 305 will be required to file an estate tax return, and 87 will likely owe Federal estate tax.
The USDA has announced assistance for dairy producers with the new Organic Dairy Marketing Assistance Program.
USDA’s Farm Service Agency is offering $104 million in grants to dairy operations to assist with projected marketing costs in 2023.
Organic dairy producers have faced significant increases in their marketing costs, compounded by increases in feed and transportation costs and the limited availability of organic grain and forage commodities.
FSA began accepting applications on May 24.
With Memorial Day Weekend, and Americans kicking off the summer driving season, the nation’s average gas price is unchanged from a week ago at $3.51 per gallon.
The average diesel price fell 3.2 cents and stands at $3.94 per gallon.
GasBuddy’s Patrick De Haan expects prices to rise slightly this week, especially if there are positive developments in the debt ceiling discussions.
