Delegates also adopt measures on cattle, annexation and support for Extension, 4-H.

National policy recommendations to reform 1031 agricultural property exchanges garnered significant discussion and adoption at Iowa Farm Bureau’s annual Summer Policy Conference last week in West Des Moines.

Delegates passed policy recommendations requiring purchasers of agricultural land using a 1031 exchange, better known as a like-kind exchange, to actively farm and materially participate in the farming operation to receive applicable tax benefits.

In addition, 1031 exchanges should be available to real property, livestock and machinery and be limited to the same asset type — agricultural asset for agricultural asset, commercial for commercial, etc.

Iowa Farm Bureau State Resolutions Committee members Zach Britton of Boone County and Meghan Leibold of Buchanan County explained that a 1031 allows for the exchange of property...