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[s14] KRUSE REPORT: The Importance of Indiana Agriculture
Start Date: 6/14/2013Start Time: 12:00 AM
End Date: 6/15/2013End Time: 11:59 PM
Entry Description
From the casual observer, to the resident of many years, it is no secret that farming is a major aspect of our district. Even Google Maps’ zoom-in feature testifies to the fact that farming and agriculture dominate our landscape. This is something for which we can be grateful.

Indiana is a landscape of corn, soybean and wheat fields. Eighty-three percent of our state is devoted to either agriculture or forests. Some may pass by thinking this means we are simply nowhere-ville USA. But nothing could be further from the truth. What they don’t realize is they’re looking at the economic engine of our state.

In a recent study by Indiana University’s Kelly School of Business, the Indiana Business Research Center (IBRC) reported that agricultural industries contributed $37.9 billion to Indiana's economy in 2011. Additionally, the study revealed that the state's agricultural output supports nearly 190,000 Hoosier jobs and of those jobs, 103,000 are directly involved with crop production and processing.

This is a remarkable, yet unsurprising finding. Farming and agriculture are the backbone of our state, and are truly a valued part of our heritage. What’s more, they look to be a significant part of our future as well. The IBRC study reported that the value of Indiana's agricultural production has grown over the past decade and should continue to do so in the coming years.

This week, the U.S. Senate began debating the new farm bill. While there will surely be stalwart debate on cuts, reforms and subsidies in this bill, Senate Agriculture Committee Chairwoman Sen. Debbie Stabenow, D-Mich., acknowledged that agriculture has been a boon to the U.S. economy and the industry actually has a trade surplus. This is a powerful indicator for its future growth.

Here in the Indiana Senate, I’m grateful for what we’ve done to help Hoosier farmers.  The first bill signed into law this year was a Senate-initiated measure to save farmers $57 million on property tax assessments. Our family farms and small businesses will benefit from the fact that we cut the individual income tax by 5 percent, phased in by 2017. Larger farms and agriculture operations will also benefit from the continued corporate income tax reduction, which phases-in a corporate income tax rate cut to 6.5 percent by 2015. Additionally, we eliminated the inheritance tax entirely, retroactive to January 1, 2013. This will put much needed and much deserved money back in Hoosiers pockets.

These industries, family farms, small businesses and hard-working individuals unequivocally deserve our thanks and our appreciation for what they do to provide for our state and our nation. This summer, I encourage you to travel our area and witness the green sprouting from the ground – and hope that the corn is “knee high by the Fourth of July.”

What do you think?
-30-
Contact Information:
Name: Brady Hagerty
Phone: 317-232-9425
Email: bhagerty@iga.in.gov
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Entry Type:
Press Release
Entry Category:
  • Announcements
  • IN.gov Category:
  • About Indiana
  • Agency Name
    Senate Republican Caucus

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