ST. PAUL, MN - Governor Tim Walz today signed a bill that amends financial reporting requirements for grain buyers. The legislation will help ensure timely financial reports from grain buyers while substantially reducing the cost of annual financial reporting required for small grain buyers.

“Prosperity for our small farmers is not a partisan issue. I’m glad to see legislators come together in a bipartisan way to get this done,” said Governor Walz. “In the coming weeks and months I look forward to working with legislators of both parties to find more ways to lower costs and improve life for Minnesotans.”

Senate File 1552 amends financial reporting requirements for grain buyers. The bill allows grain buyers purchasing under $7.5 million of grain annually to utilize either a certified public accountant (CPA) or an independent auditor for review. It also allows for either a CPA review or audit for grain buyers purchasing between $7.5 million and $17.5 million annually, and requires a CPA audit for grain buyers purchasing at least $17.5 million annually. This bill also amends the accounting standards acceptable for these reviews and audits.