In addition to the biodiesel tax credit extension, the bill contains estate tax provisions that raise the exclusion level to $5 million per spouse and lower the tax rate on estates exceeding the exclusion to 35 percent. If this legislation is not passed by the House, a $1 million exclusion and 55 percent tax rate will take effect on Jan. 1, 2011.

"With farmland in many regions selling for $5,000 per acre, it takes only 200 acres to reach the $1 million exclusion level," Kemper said. The state of the U.S. economy, coupled with the uncertain nature of estate tax liabilities, makes it difficult for family-owned farms and ranches to make sound business decisions. Allowing estate taxes to be reinstated without an exemption and rate that protect family farms puts many operations at risk and threatens succession to the next generation of farmers.

"ASA’s farmer-leaders recently participated in a press conference on estate tax legislation, as well as a biodiesel fly-in to Washington, D.C., to gain passage of these top soybean priorities," Kemper said. "I encourage all agriculture supporters to press their representatives in the House to pass this legislation, which is of critical importance to U.S. soybean farmers."

ASA represents all U.S. soybean farmers on domestic and international issues of importance to the soybean industry. ASA’s advocacy efforts are made possible through the voluntary membership in ASA by over 22,500 farmers in 31 states where soybeans are grown.