Press Release

FOR IMMEDIATE RELEASE
July 10, 2008

CONTACT: Leslie Shedd
(202) 225-5565

Lucas Applauds USDA Drought Relief to Farmers and Ranchers in Cimarron and Texas Counties

Washington, DC - Congressman Frank welcomes the USDA designation of two counties in northwest Oklahoma, Cimarron and Texas, for disaster relief benefits due to the severe drought in the area.  Recently, Lucas joined Oklahoma’s U.S. Senators Jim Inhofe (R-OK) and Tom Coburn (R-OK) in requesting that Secretary of Agriculture Ed Schafer support an agriculture disaster designation for these two counties as well as the counties of Beaver, Harper, Woodward, Ellis, Roger Mills, Dewey and Woods. 

“The farmers and ranchers in northwest Oklahoma are experiencing one of the worst droughts in history,” stated Lucas.  “Granting disaster relief to those counties affected by this drought will help to alleviate some of the problems they are encountering.  I look forward to Secretary Schafer extending disaster relief to the remaining counties in northwest Oklahoma who are suffering through this drought.”

In those counties where disaster relief benefits are granted, tax liabilities will be revised for farmers and ranchers who are forced to liquidate their livestock due to drought or other weather-related conditions.  These revisions include the ability to postpone paying capital gains taxes on livestock sales that exceed the average number of livestock sold within the past three years for up to one year.  In addition, these capital gain liabilities may be forgiven permanently if producers are able to repurchase their livestock within two years. 

For more information on these tax revision provisions, please speak with your tax advisor or go to http://www.irs.gov/pub/irs-drop/n-07-80.pdf for more information.

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