The Soybean Checkoff
The Soybean Promotion, Research, and Consumer Information Act established the national soybean checkoff program in 1990. The Department of Agriculture established the United Soybean Board, a farmer-led organization, to administer the program on a national level. Many soybean growing states also have a Qualified State Soybean Board (QSSB) charged with collecting and administering the checkoff on a state level. In Illinois, the Illinois Soybean Board (ISB) serves as the states QSSB.
The soybean checkoff is assessed at the rate of one-half of 1 percent (.005) of the net market price of soybeans sold by the producer to the first purchaser. Checkoff assessments collected by Illinois first purchasers must be remitted to the Illinois Soybean Board by the last day of the first month following the end of the quarterly sales period, as illustrated in the chart below.
Checkoff must be withheld and remitted to the Illinois Soybean Board for all types of soybeans purchased, except for those producers who possess a valid organic soybean exemption certificate.
Form LP-46 must be completed and accompany the quarterly checkoff remittance payments. Fill out the LP-46 form to the right. The form will automatically calculate the remittance amount due and can be printed out and mailed with your payment.
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