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NFU says changes to taxable value of assets unfair

The National Farmers Union (NFU) has submitted comments to the I-R-S urging proposed rule changes for the taxable value of assets be amended to consider family farmers and ranchers. NFU says current law provides “meaningful relief” for family farmers to transfer their operations to the next generation. But, the US Treasury Department announced in August a proposal that would remove several provisions that help farmers, “The two main discounts, you know, those are important. And, the idea that they’re being abused by farmers, to us, is just really aggravating.”

That’s NFU’s Zach Clark who says they want the IRS to consider family farmers and ranchers in the rule change or withdraw the proposed rule and start over, “Land prices are down a little bit. People don’t have, say, cash flow if they’re hit with a little bit of a tax bill to be paying that. So, it’s a really bad time and there’s enough, sort of, economic pressures on these folks. This comes at a really inconvenient time.”

He says farmers need assurances that they can pass on their operations to the next generation without being forced to sell valuable farm land.

Brownfield’s Wisconsin reporter Larry Lee interview Zach Clark ~