Indy Standard

U.S. Senators Mike Braun and Tammy Baldwin have introduced the bipartisan Farm Transition Act of 2024 aimed at breaking down barriers to farming and agricultural land ownership, providing opportunities for the next generation of farmers and ranchers. Senator Braun emphasized the importance of securing America's food security, stating, "A lot of farms are going to go up for sale and we need to make sure that America isn’t bought up acre by acre by foreign competitors." Senator Baldwin echoed this sentiment, highlighting the significance of Wisconsin's farmland and the need to protect it from being acquired by outside investors.

According to the American Farmland Trust, seniors aged 65 and older currently own over 40 percent of agricultural land in the United States, indicating a forthcoming transfer of more than 370 million acres of farmland in the next two decades. The rise in farmland acquisitions by investment firms and foreign entities has further exacerbated the challenges faced by young and beginning farmers in affording agricultural land. Senator Braun and Senator Baldwin's bill aims to address these issues by establishing the Commission on Farm Transitions to study barriers to agricultural land ownership and provide recommendations to overcome them.

The bill also seeks to reauthorize the Commission on Farm Transitions, which was initially authorized by the 2018 Farm Bill but was never implemented by the USDA. The Commission will focus on crucial aspects such as the availability of quality land, infrastructure, credit, risk management tools, and mentorship programs for aspiring farmers. It will also assess current agricultural asset transfer strategies, federal tax policies impacting asset transfers, transition assistance programs, and barriers faced by farmers in acquiring agricultural assets.

In conjunction with the Senate bill, the Farmland Transitions Act of 2024 was introduced in the House by Representatives Trent Kelly, Yadira Caraveo, Zach Nunn, and Don Davis. Both legislative efforts aim to pave the way for a smoother transition of agricultural operations to the next generation of farmers and ranchers, ensuring the sustainability and continuity of American agriculture for years to come.