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Tobacco Buyout Brings Changes
| Name | Bruce C. Johnson | | Situation | Flue-cured tobacco farmers are facing uncertain times. They are coming into the new planting season without any government support for the first time. The tobacco farmers are receiving buyout payments and face different and confusing tax situations. They have to make decisions on whether to continue growing tobacco or try some new use for their farmland. Each farmer's situation is unique and many important decisions have to be made.
| | Response | The Extension agent organized a Tobacco Buyout Informational meeting that was held in September 2005. A representative of the Horry County Farm Service Agency attended the meeting, along with representatives of investment companies. The farmers were allowed a question and answer session so they could better understand their options concerning the buyout monies. Forty-seven farmers attended this meeting. | | Impact | All farmers attending the Tobacco Buyout Informational meeting gained knowledge on the tax implications of the tobacco quota buyout. They learned of different options available for farmland use. Farmers left the meeting with a clearer understanding of what they face in the tobacco industry in the future. They were informed to make careful consideration and get advice from professional tax advisors before making decisions on
the funds received from the tobacco buyout. |
Last update4/15/2008
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