Iowa Farmland owners may be able to cancel a CRP contract for no penalty if they act fast. The new 2014 Farm Bill offers a unique opportunity. The deadline to request early CRP contract termination is Jan. 30, 2015.
If the contract has been in effect for at least five years and other conditions are met, the land may be restored to active cropland in time for the 2015 planting season.
If the sale of farm land by auction or otherwise is in the cards, then this will add value to the land. Some buyers are limited and cannot accept payments for CRP; if crop prices go higher then the older CRP contracts will not look so good.
It looks like you will not be able to immediately re-apply for CRP on the same land -- new contracts are offering a much better rate. Check to see how many years the land must be out of the program before it is eligible for sign up again.
Visit with your local FSA office to find out if you can take advantage of this.
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