Oklahoma’s farm bills will have an impact on Oklahoma’s farming industry.
Here are some of the major changes in the bill that will affect farms in the state.
1.
Agricultural technology: The farm bill, which Gov.
Mary Fallin signed into law, would allow for up to 30,000 acres of agricultural technology that would be eligible for tax credits or subsidies.
Oklahoma’s current law is a three-year pilot program.
If the pilot goes well, Oklahoma would eventually join Alabama, Georgia, Missouri, and Texas.
2.
Growers must pay more for seed and fertilizer: The bill also eliminates the state’s existing seed and fertilizer tax credit and eliminates a $1,000 seed and $10,000 fertilizer tax credit.
3.
Small-business growers would pay more: The new bill also allows farmers to charge up to 25 percent more on their own costs of production for seed, fertilizer, and water.
4.
Farmers will pay more to sell excess land: The state would no longer allow for the sale of excess land and would instead allow landowners to sell their excess land to small business owners.
5.
Farmers would be allowed to sell more of their land: Under the bill, landowners can sell their land to farmers who have more than 10 acres of land.
6.
The bill allows a farm to make a profit on an average of $4,500 per year.
The new law would allow a farm with 50 acres or less to make profits of $1 million per year on average.
7.
Small businesses can pay more on irrigation water: The law also allows small businesses to be able to pay up to $250 per acre for irrigation water.
8.
The state is expanding the number of water districts and the number that can receive water from the Bureau of Reclamation (BR) to five.
9.
The water districts can now offer a full year of supplies.
10.
Small business owners can now deduct their property taxes from their taxes.
11.
The amount a farmer can deduct from his or her tax bill would increase from $1.50 to $1 for a single-family home.
12.
The current tax credits for small businesses will be phased out.
The federal government will provide $1 billion per year for the next two years to support small businesses.
13.
The program to help small businesses grow has been expanded to cover 50 percent of the cost of the new water districts.
14.
The Department of Agriculture will give rural Oklahoma a $5 million boost to assist small businesses and farmers.
15.
The government will now offer the first year of water conservation and restoration grants to rural Oklahoma.
16.
A new program to educate the public on the economic benefits of the program will be launched.
The State Water Resources Control Board will review and recommend a strategy for the program.
17.
The USDA will provide incentives for local governments to reduce their water use.
18.
The Federal Farm Policy Council will receive a $500,000 grant to help local governments reduce their wastewater use.
19.
The Small Business Investment Bank will receive $1 Billion per year in loans for small business expansion.
20.
The U.S. Fish and Wildlife Service will receive another $100 million per month to support wildlife conservation in the region.
21.
The Oklahoma Development Corp. will receive an additional $2 million to support economic development projects.
22.
The Bureau of Land Management will receive grants to support conservation and wildlife management.
23.
The Agriculture Department will get $5.5 million per quarter to assist in water conservation in rural Oklahoma, as well as $1 Million per quarter in grants for water management and restoration.
24.
The Environmental Protection Agency will receive the largest grant ever to Oklahoma’s agricultural sector, up to a total of $15 million.
25.
The Office of the Oklahoma Energy Commissioner will receive two grants totaling $6 million to help farmers conserve their water.
26.
The Oklahomans for Agricultural Reform and the Oklahoma Farm Bureau will each receive $2.5 Million for their agricultural operations.
27.
The agriculture industry has been one of the fastest growing industries in Oklahoma.
Oklahoma is a $3.3 billion industry in the U. S. alone.
28.
The agricultural industry employs nearly 13,000 people and contributes $1 trillion to the state economy.
29.
Oklahoma has become the fifth state to offer tax credits to farmers and ranchers, following Arkansas, Kansas, and Wyoming.
30.
The farm tax credit was one of only three credits in the nation for small-business owners to receive.
The second largest farm credit is the Oklahoma Small Business Deduction.
The third largest is the Kansas Small Business Tax Credit.
31.
Oklahoma ranks in the top three states in farm production per capita.
32.
Oklahoma was the only state to produce more corn per acre than soybeans, wheat, or rice in 2015.
33.
Oklahoma produces the most soybeans in the country, producing
