Bill > HB304

This bill proposes to amend Kentucky Revised Statutes (KRS) 247.552, which governs soybean assessments in the state, by increasing the maximum assessment rate on soybeans from one-fourth of one percent (0.25%) to one-half of one percent (0.5%) of the net market price per bushel. This means that when soybeans are sold, producers will now have a slightly higher percentage deducted from their sale proceeds at the first point of sale. The purpose of such assessments is typically to fund soybean research, marketing, and promotional activities through a collective contribution from producers. The bill simply updates the existing statutory language to reflect the new, higher assessment rate, which would have been determined through a producer referendum as outlined in the referenced Kentucky statutes (KRS 247.510 to 247.595).

Agriculture and Natural Resources

https://apps.legislature.ky.gov/record/25RS/hb304.html