Source: USDA, NCGA, ASA, AFBF, RFA, AFT

Agriculture Secretary Tom Vilsack issued a statement on the package of tax provisions being signed into law by President Obama last week.

"The tax packages signed by President Obama will reauthorize ethanol tax credits and reinstate the biodiesel tax credit, which will help bolster efforts to transition our country to a clean energy economy. Ethanol and biodiesel production is critical to continuing the growth of our domestic fuel industry that is reducing our dependence on foreign oil while creating green jobs from renewable sources and adding opportunities for people in rural communities throughout the country.

"The tax package will also extend tax incentives through 2011 for farmers, ranchers and forest owners who voluntarily conserve their lands through donation of a conservation easement. Providing this tax incentive will increase conservation of our working lands and, in so doing, support our rural economy. As part of the President's America's Great Outdoors Initiative, USDA, the Department of Interior, the Environmental Protection Agency and the Council on Environmental Quality held listening sessions across the country to hear Americans ideas on what we could do to advance conservation in this country. Providing tax incentives for working lands conservation was one of the ideas that we heard repeatedly from landowners and conservationists during those listening sessions. I am pleased that the bill the President is signing today provides these incentives and I know America's farmers, ranchers and forest owners will respond positively."

Multiple ag groups responded favorably to Obama's passage of the tax bill. Those groups include the Renewable Fuels Association, the American Farm Bureau Federation, the American Soybean Association and the National Corn Growers Association.

RFA was pleased with the extensions of key tax credits for the production and use of domestic ethanol. The Farm Bureau was pleased with the signing of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which secured estate tax reform for farm and ranch families. The ASA was pleased with the retroactive extension of the biodiesel tax incentive as well as the estate tax provisions. 

In addition estate tax provisions, "the package contains another key mechanism to help protect our nation's farm and ranch land," said Jon Scholl, president of American Farmland Trust (AFT). "The final bill contains the tax incentives for donating a conservation easement on agricultural property, allowing conservation easement donors to receive a larger tax deduction over a longer period — 15 years. This will give thousands of farm families a greater opportunity to protect their land in the 2010 and 2011 tax years."

Read a statement from the Renewable Fuels Association
 
View AFBF's statement
 
See NCGA's reaction
 
More on ASA's statement

Read AFT's statement