The Kentucky Agricultural Finance Corporation has approved more than $400,000 in loans to farmers to expand their operations. The agency partners with lenders to help farmers finance projects that would increase their profits. The Kentucky Department of Agriculture announced the latest round of loans Monday. The largest loan topped $110,000. The finance corporation also has a beginning farmer loan program that helps people start or expand a farming operation. Those loans can be used to purchase livestock, equipment and land.
Floods in 2011 and this year’s tornadoes could complicate the tax returns filed by Kentucky farmers. For example, when farmers receive an insurance check for damaged crops, IRS spokesman Luis Garcia says they must claim that money as income. And, if bad weather forces the early sale of livestock, Garcia says that income can sometimes be claimed on next year’s tax return.