State budget experts say they’ll know soon how good of a year farmers had in 2012, even with the widespread drought. That information will come later than usual, however. Holly Lyons, head of the Legislative Services Agency, addressed farm income during a conference that predicts how much money the state will have this year.
“We have yet to see the impact of the farm tax returns since the federal fiscal policy uncertainty led to a change in filing dates from March 1st to April 15th,” Lyons says. “Many farmers are anticipating record income this year, due to high commodity prices and despite the drought.”
Crop insurance payments made up for corn and soybeans lost to drought on many farms, contributing to higher profits for farmers last year. Revenue Estimating Conference member David Underwood says even without final figures, it’s looking like farmers will report record income for 2012.
“There is some doubt there as to whether or not that’s going to leave the farmers the ability to really increase their profits much more in this year than what they’re going to report for last year,” Underwood says. “It’s a little too early because they haven’t filed yet.”
Farmers have until April 15 this year to file their taxes. That’s extended from the normal March 1st deadline due to late federal policy decisions.