Early CRP Opt-Out Ends January 30, 2015
The USDA has announced that the deadline for CRP participants to elect out of any current CRP contracts will end January 30, 2015. Under the new Farm Bill, certain CRP participants who met certain requirements were allowed to opt-out of the CRP contract early without penalty. Here is a fact sheet on those conditions.
Practices that are eligible for the early opt-out are:
CP1 – Establishment of Permanent Introduced Grasses and Legumes
CP2 – Establishment of Permanent Native Grasses
CP3 – Tree Planting
CP10 – Vegetative Cover – Grass – Already Established
CP11 – Vegetative Cover – Trees – Already Established
Based on the restrictions, there may not be that many acres eligible for the early opt-out, but if this applies to you, make sure to initiate this process before January 30, 2015.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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