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6-13-05 South Carolina Farm Bureau Schedules Tobacco Buyout Information Meetings COLUMBIA, SC – South Carolina Farm Bureau (SCFB) has scheduled a pair of meetings to talk about its partnership with Farm Bureau Bank to offer lump-sum settlements to participants in the tobacco buyout. Each of the public meetings will begin at 7:30 p.m. One will be held on Monday, June 20 at the Florence, SC Pee Dee Research and Education Center auditorium. The other meeting will be held Tuesday, June 21 at the Aynor High School auditorium in Aynor, SC. Each meeting will feature a tax attorney to talk about the advantages of a lump-sum payment over the federal 10-year payout. Also on hand will be a representative from the San Antonio, Texas -based Farm Bureau Bank to address how the program will work. The tobacco buyout is a result of Congress passing legislation that ended the depression era tobacco quota system. The quota program limited the amount of and location where tobacco could be grown to help stabilize and increase prices to farmers. Tobacco quota has increased in value and tobacco production land prices have increased over the years. By ending the quota system, the Federal Government agreed to compensate quota owners and tobacco growers for their lost assets. Payments are to be made over a ten year period, starting later this year. For more information contact Larry McKenzie, SC Farm Bureau Assistant to the President.
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