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Title: Tax-Exempt Bond Financing for Beginning and Low-Equity Farmers: The Case of ‘Aggie Bonds’
Authors: Williamson, James M.
Katchova, Ani L.
Editors: Bosch, Darrell J.
Marchant, Mary A.
Wetzstein, Michael
Keywords: Aggie Bonds
beginning farmers
land ownership
JEL Codes: Q14
Issue Date: 2013-08-01
Series/Report no.: Volume 45
Number 3
Abstract: The ‘‘Aggie Bond’’ program was established in the 1980s to provide beginning and lowequity farmers access to capital. The bonds, which pay tax-exempt interest, may be used by qualifying famers for purchases of farm real estate and equipment. Using Aggie Bond data collected from states and Census of Agriculture data spanning 25 years, we examine whether the program has had an impact on farm entrance, land ownership, and the size of operation. We do not find strong evidence that the program led to an increase in the proportion of beginning farmers; however, we find limited evidence the program helped beginning farmers become full land owners as well as increased the rate of growth in the proportion of beginning farmers who are full land owners.
Institution/Association: Journal of Agricultural and Applied Economics> Volume 45, Number 03, August 2013
Total Pages: 12
From Page: 485
To Page: 496
Collections:Volume 45, Number 03, August 2013

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