Tobacco Buyout Checks Head to South Carolina

Source from:  Florence-AP 07/11/2005

The first checks from the tobacco quota buyout are headed to South Carolina farmers' mailboxes this month. More than $724 million will be paid to growers in the Palmetto State during the next ten years, but many are opting for lump sum payments from financial institutions. Larry McKenzie is the assistant to the president of the South Carolina Farm Bureau. He says there are benefits to lump sum options and taking the annual payments from the federal government, but he cautions farmers to be careful about which option they choose and to consider the tax implications. Enditem