New AGI policy

Agriculture

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February 7, 2012

Anonymous Daily Iowegian The Daily Iowegian Tue Feb 07, 2012, 05:30 AM CST

DES MOINES — John R. Whitaker, state executive director, Iowa Farm Service Agency, announced a new Adjusted Gross Income policy for 2012. In addition to the current regulations, this new policy reviews the combination of both farm and non-farm limitations and if these together exceed $1 million, program participants are ineligible for direct payments under the DCP and/or ACRE programs.

All persons and legal entities requesting certain program payments, either directly or indirectly, are subject to average AGI provisions. AGI is the individuals or legal entities IRS reported adjusted gross income.

Persons or legal entities whose average nonfarm AGI exceeds $500,000 are not eligible for DCP or ACRE payments. Also persons or legal entities whose average farm AGI exceeds $750,000 are not eligible for direct payments under the DCP and the ACRE programs. In addition, individual’s or entities whose total nonfarm and farm AGI is $1 million or more, are ineligible for direct payments under the DCP and ACRE programs.

Additional information on AGI requirements or other programs administered by FSA is available at your local FSA county office or online at www.fsa.usda.gov.