End Rows for Jan. 4, 2011
1099G's due January 31
Producers' CCC-1099-G statements showing payments they received in 2010 will be issued from Kansas City by January 31.
If you have questions about your payments, you may contact your local FSA office for more detailed information.
We can also provide information on payments from other counties if you are a multi-county producer.
FSA staff cannot interpret IRS regulations or advise producers about which payments to report on their income tax returns. However, county office staff can review payments for accuracy.
incentives program (TIP)
The Transition Incentives Program is to encourage retiring producers with expiring CRP contracts to sell or lease their land to beginning or socially disadvantaged producers.
-- up to two additional CRP annual rental payments to a retiring participant with an expiring CRP contract.
--the new operator can make conservation and land improvements prior to expiration of the CRP contract.
To qualify, the landowner must sell or lease the CRP land to a beginning or socially disadvantaged farmer or rancher so the new operator can convert some or all of the land to production using sustainable grazing or crop production methods.
Relatives may participate in the program, but will not be eligible for the additional CRP annual rental payments.
USDA has established an online tool that can link retiring farmers who have expiring CRP contracts with beginning farmers or ranchers who are interested in bringing the land into production. The new online resource, TIP Net, is a website provided by the Farm Service Agency (FSA).
To learn more visit the website at www.fsa.usda.gov/tipnet
As of Nov. 30, TIP participation included 372 contracts on more than 52,000 acres, with nearly $5 million obligated for TIP annual rental payments.
Signup for DCP/ACRE
Enrollment for the 2011 Direct and Counter-cyclical Program (DCP) and Average Crop Revenue Election (ACRE) programs has begun and will continue through June 1, 2011.
Once enrolled, an advance of 22% of your direct payment is available.
The remaining 78% of your DCP/ACRE direct payment will be issued after October 1, 2011.
Or you can wait and receive all of your direct payment in October.
DCP/ACRE contract signatures for enrollment are due by the signup deadline of June 1, 2011.
January interest rates
--7-year 2.500% (Dec 2.000%)
--10-year 3.125% (Dec 2.750%)
--12-year 3.375% (Dec 3.000%)
1.250% (Unchanged from December)