Grassley introduces tax legislation to help farmers

A package of tax relief measures for farmers is being introduced today by Iowa Senator Chuck Grassley. It goes by the name “TERFF” which stands for Tax Empowerment and Relief for Farmers and Fishermen. Grassley says the measure contains several helpful items — like letting co-op ethanol producers have tax benefits similar to those given to big companies.The farm account would let farmers put aside 20-percent of their income in good years to offset bad years when the money could be drawn out and taxed. The package also gives farmers and restaurants a tax break for donating surplus food to food banks. Grassley says the legislation expands on what are called “Aggie Bonds,” part of a popular program now being used in Iowa.It enables the state to issue revenue bonds at a lower interest rate to help young people get started farming.