S-4018 : Still Just a Bill

The Farm Transitions Act of 2024 (S. 4018) amends the Agriculture Improvement Act of 2018 to reauthorize and modify the Commission on Farm Transitions-Needs for 2050. Key provisions include:

• Directs the Secretary of Agriculture to establish the Commission within 60 days of the Act's enactment.
• Expands the Commission's study to include recommendations related to:
  • Affordable and timely access to capital and credit for new farmers.
  • Apprenticeships, mentoring programs, business training, and technical assistance.
  • Impact of state and federal policies (including tax policies) on farm transitions.
  • Heirs' property and succession of agricultural land.
  • Barriers faced by farmers in transferring, inheriting, or purchasing agricultural assets.
  • Leasing and ownership trends, including those involving foreign entities.
• Extends the deadline for the Commission's report to two years after the enactment of the Farm Transitions Act of 2024.
• Reauthorizes the Commission through 2028.

In effect, this bill seeks to enhance the Commission's focus on challenges and opportunities related to farm transitions, ensuring a more comprehensive approach to supporting the next generation of farmers and ranchers.