Farmers, Ranchers Allowed to Drop the ‘F Form’ if Bill Becomes Law
Mike Seals - March 10, 2021 10:44 am
OKLAHOMA CITY – An Oklahoma lawmaker on Tuesday pushed through a reform in the House of Representatives that would grant Oklahoma farmers and ranchers some relief during next year’s tax season if his measure gets signed into law.
State Rep. Jim Grego, R-Wilburton, won passage of House Bill 1682, which would repeal a Jan. 1 rule change by the Oklahoma Tax Commission requiring anyone applying for a farm tax exemption to submit a copy of their IRS Schedule F form.
“This rule change took everybody by surprise,” Grego said. “This didn’t go through the regular administrative rule change process, which would have allowed public comment and legislative approval. It also didn’t even go through the tax commission’s own three-member board.”
Grego said the IRS Schedule F form is something farmers might be requested to send to the IRS but has not been something that’s been required as part of an Oklahoma tax return. He said not every farmer files the form, including beginning farmers that have not yet made a profit on their farms or youth showing calves or other farm animals. He said farmers and ranchers also were concerned about the expanded list of people that might now have access to all of the information listed on the form, including purchases, interest and other items.
Grego said the entire Oklahoma agriculture community got behind the bill, including Oklahoma Farm Bureau, the Oklahoma Cattlemen’s Association and American Farmers and Ranchers Insurance.
“This is a pretty important issue for our state farmers and ranchers,” Grego said.
The House approved HB 1682 with a vote of 92-5. It is now engrossed to the state Senate where it is sponsored by Sen. Mark Allen, R-Spiro.