Chinn talks drought issues, including ranchers selling off cattle due to lack of hay

Some Missouri livestock owners have been selling off their herds due to hay shortages caused by the drought. 

Agriculture director Chris Chinn told members of the state’s Drought Assessment Committee that her agency has been getting lots of phone calls on tax penalties ranchers may be facing because they felt compelled to sell their cattle:  “And there’s two provisions in the tax code – one is 451G and the other is section 1033 – that can help you with offsetting those capital gains taxes if you repopulate in subsequent years.”

Meanwhile, Chinn is reminding farmers and ranchers of the state’s hay directory, which can be found on the Missouri Department of Agriculture’s website.