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This research simulates the impact on tax liabilities of five tax provisions that provide benefits to farm households by race and ethnicity. Using pooled data from the Agricultural Resource Management Survey (2017–2021), we find that, relative to White non‐Hispanic principal operator farm households, certain business tax benefits are less prevalent and of lower value for Hispanic, African American, and Native American principal operator farm households due to differences in income and investment levels. Household tax credits are significantly higher for Hispanic and Native American principal operator farm households and Asian principal operator farm households have significantly higher total tax benefits from the five provisions examined. [ABSTRACT FROM AUTHOR]

Using data from the 2009–2020 Agricultural Resource Management Surveys, we compare the financial position and performance of African American farms to that of other U.S. farms. The results suggest that, relative to others, the average African American farm has lower total value of production, net cash farm income, government payments, assets, and debts. We obtained mixed results regarding financial performance, with African American farms having lower profitability, liquidity, and efficiency than others but higher solvency. To our knowledge, this study is the first to provide a contemporary overview of the status of African American farms using detailed, farm‐level financial data. [ABSTRACT FROM AUTHOR]