CANRP Fact Sheets
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- ItemNew Crop Insurance Option for Diversified Operations: Whole Farm Revenue Protection(2015-02) Goeringer, Paul; Leathers, HowardThe 2014 Farm Bill authorized USDA’s Risk Management Agency (RMA) to develop a new type of revenue insurance product, Whole-Farm Revenue Protection (WFRP). WFRP provides a risk management tool for all commodities on farms with up to $8.5 million in insured revenue. WFRP is not intended for one specific crop, like corn, wheat, or soybeans like traditional revenue and yield insurance products, but is intended to cover all crops and livestock grown on a farm. This new product will replace the Adjusted Gross Revenue (AGR) and Adjusted Gross Revenue-Lite policies.
- ItemTaxes and Land Preservation: Computing the Capital Gains Tax(2014-12) Lynch, Lori; Goeringer, PaulSelling development rights or easements has tax implications for landowners, especially those who have owned their farms for a long period of time and seen land values escalate. This fact sheet discusses some of the implications for capital gains taxes.
- ItemSupplemental Coverage Option Now a Part of the Federal Crop Insurance Program(2015-01) Goeringer, Paul; Leathers, HowardThe 2014 Farm Bill created Supplemental Coverage Option (SCO), a new add-on crop insurance option which provides supplemental coverage on a producer’s underlying crop insurance policy. SCO operates by mimicking a producer’s individual crop insurance coverage and increasing the protection to 86 percent of the producer’s actual production history (APH) yield and price election. An SCO loss payment occurs when the actual current year county yield (or revenue) is less than 86% of expected county yield (or revenue) at the time of planting. SCO became available with the 2015 crop year in select Maryland counties for winter wheat, and all corn and soybean counties except Allegany and Garrett. USDA’s Risk Management Agency (RMA) will begin looking at expanding covered counties and crops covered, and begin distinguishing by practices (such as irrigated compared to non-irrigated).
- ItemEstate Planning for Farm Families: Updated for 2014(2014-04) Lynch, Lori; Goeringer, Paul; Musser, WesUpdated for Maryland estate tax changes starting in 2014. This fact sheet provides an overview of the estate planning process
- ItemTrend-Adjusted Yield Option Introduced for Crop Insurance(2014-08) Goeringer, PaulFact sheet has been updated to reflect wheat trend adjustments for 2015 crop year.