North Carolina State University
College of Agriculture and Life Sciences
March 27, 2007
Tobacco Quota Buyout:
Second Year Reporting
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February 6 , 2006
Tax Reporting Tobacco
Quota Buyout Income
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January 9, 2005
Updated Information
Tax Reporting of Buyout Payments for Amortized Tobacco Quota
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Welcome to our website devoted to the 2004 Tobacco Buyout Legislation. North Carolina State University's College of Agriculture and Life Sciences is committed to providing a complete resource site to assist tobacco quota holders, tobacco growers, financial and legal advisors and financial institutions in understanding this legislation and its impact. Over all, the buyout involves $9.6 billion and a lot of serious decision-making.
This website provides specific information about the background of the tobacco buyout, the actual legislation, the outlook for the future of tobacco, as well as resources discussing the legal and tax issues that will challenge income recipients and their advisors. There are also links to other sites that include the Agricultural and Resource Economics Department in the College of Agriculture and Life Sciences as well as a major, three-university collaborative site developed by N.C. State University, The University of Tennessee and the University of Kentucky.
The opportunity of a lifetime is one way of looking at the income payments from the tobacco buyout legislation. Those receiving payments can take an annual distribution over the 10-year period of the buyout, or consider the variety of "lump sum" payment alternatives being offered by many financial institutions. Either way, the decisions made by quota holders and tobacco growers are significant.
Charitable options can be very important for recipients of buyout payments. For many, this legislation can present them with an opportunity to establish a retirement plan, supplement Social Security and other retirement income. Charitable options can provide lifetime income, tax advantages to assist with income and estate tax liabilities, and the opportunity to support organizations that have played an important part in the lives of tobacco farmers and their families.
Family farms are an important issue for many tobacco growers, especially for those who are considering retirement from active farming. One major question that may confront many of these families is- what do I do with my farm? As a leading land grant university, NC State University and its College of Agriculture and Life Sciences is in a unique position to help agricultural families with these decisions, including ways of keeping farmland in agricultural use. Our Landscapes of Opportunity program is a major initiative to assist in the preservation of agricultural land.
We are here to help. That is part of the mission of the College of Agriculture and Life Sciences at NC State University. Please utilize this website and its contact information to request additional resources, illustrations and information about how you can best take advantage of the tobacco buyout opportunity. Telephone or e-mail any of our professional staff for assistance.
Contact:
Sonia H. Murphy
Director of Gift Planning
College of Agriculture and Life Sciences
North Carolina State University
Campus Box 7645
Raleigh, NC. 27695-7645
Tel: (919)513-0637
Cell:(919)609-7964
sonia_murphy@ncsu.edu
http://www2.ncsu.edu/ncsu/cals/foundation
