By Gordon Groover Extension Economist, Department of Agricultural & Applied Economics, Virginia Tech
Selective information that might be useful to farmers and their advisors:
• The Virginia’s Use Value Assessment Program (http://usevalue.agecon.vt.edu/) web site has been updated for Tax Year 2015 (TY) see the following items:
– TY2015 Rental Rate Approach estimates for Agricultural and Horticultural lands are at: http://usevalue.agecon.vt.edu/Agri_Hort_estimates.htm
– TY2015 Income Approach estimates for Agricultural and Horticultural (with brochures), Forest, and Open Space are at: http://usevalue.agecon.vt.edu/estimates.htm.
• Frequently Asked Questions (FAQs) about the Use Value Assessment Program are at http://usevalue.agecon.vt.edu/FAQ.htm and to view or print all of the Frequently Asked Questions, a PDF file can be found at: http://usevalue.agecon.vt.edu/myweb3/Publications/FAQs%20Pub%20%28Nov%202012%29.pdf.
• Time to order your Virginia Cooperative Extension “Farm Record Book: Expenses and Receipts” (Publication 446-017). This 120-page record book provides an organized way of keeping track of annual financial, labor and personnel, and production-related records. It provides forms for many categories of expenses, receipts, labor, and financial summaries to meet the needs of most agriculturally-related businesses using cash accounting methods. Column headings are included for major items with some columns remaining blank for your own headings. Forms are arranged to facilitate transferring totals to income tax forms (Schedule F, tax deprecation, and Form 4797) and to help complete end-of-the-year analysis. Virginia Cooperative Extension “Farm Record Book: Expenses and Receipts” is available from Virginia Cooperative Extension for $12.00. Call your local extension office and request the order form VCE Publication 446-016, print the form at www.ext.vt.edu/pubs/agecon/446-016/446-016.pdf, or contact me at (540) 231-5850.
• A must read for all of us involved in agriculture is the current issue of “Choices,” published by the Agricultural and Applied Economics Association and can be found at www.choicesmagazine.org/. Highlighted articles are:
• Is the Natural Gas Revolution all its Fracked Up to be for Local Economies? Authors: J. Wesley Burnett and Jeremy G. Weber.
– Unconventional Oil and Gas Development: Challenges and Opportunities for Local Governments. Author: Timothy W. Kelsey
-Unconventional Oil and Gas Development’s Impact on State and Local Economies. Author: Amanda L. Weinstein
• How Connected are our Farms. Authors: Brian E. Whitacre, Tyler B. Mark, and Terry W. Griffin,
• Comparing the United States and Canadian Fair Trade Markets to the Rest of the World. Authors: Nicholas DiMarcello III, Neal H. Hooker, and Nicholas Marconi.
• The October and November 2014 editions of the “Economic and Policy Update,” from for the Department of Agricultural Economics at the University of Kentucky is online at http://www2.ca.uky.edu/agecon/index.php?p=209. Highlighted articles are:
• Social Media Marketing and Mobile Technology Tools for Ag Businesses. Author: Miranda Hileman.
• Marketing Success Stories. Author: – Miranda Hileman.
• Does Winter Backgrounding Present an Opportunity this Year? Authors: Greg Halich, Kenny Burdine.