Ag News
Family Farmer Relief Act passes
Posted on Aug 14, 2019 at 0:00 AM
On Aug. 1, the U.S. Senate passed the Family Farmer Relief Act of 2019 (H.R. 2336) by a voice vote. The bill, sponsored by Rep. Antonio Delgado (D-NY), eases the process of reorganizing debt through Chapter 12 bankruptcy rules to assist farmers during this down farm economy.
The bill, which was cosponsored by 27 House members, including Rep. David Scott (D-Georgia) awaits President Trump’s signature. The House passed H.R. 2336 by a voice vote on July 26.
The bill expands the debt cap that can be covered under Chapter 12 bankruptcy from $3,237,000 to $10,000,000. The changes reflect the increase in land values, as well as the growth over time in the average size of U.S. farming operations and are meant to provide farmers additional options to help keep their businesses running during downturns in the farm economy. The legislation was endorsed by the American Farm Bureau Federation, National Farmers Union, National Corn Growers Association, National Milk Producers Federation, the National Pork Producers Council, and American Bankruptcy Institute.
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