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AgCarolina Farm Credit is allowed a tax deduction for the amount of net income that it distributes in the form of a qualified patronage refund. Therefore, to effectively manage the association's tax expense and maintain a strong capital position, the board of directors may elect to distribute taxable earnings to members as a qualified patronage refund. A qualified patronage refund is one in which at least 20 percent of the total net income is paid in cash.
Examples include opportunities focused on financial planning, advertising or marketing development, and resources such as business planning, economic outlook forums or management classes.