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Ag groups urging Congress to protect tax provisions

A coalition of ag groups has sent a letter to Congressional leaders urging them to protect sound tax policy. 

As Congress focuses on investing in the nation’s infrastructure and human resources, the ag groups say some of the legislative proposals could jeopardize the future of family farms and ranches, and they’re asking Congress not to alter or eliminate long-standing tax code provisions that have benefited agriculture and related industries. 

The letter highlighted three critically important tax provisions, Stepped-up basis, Like-kind exchanges, and the Section 199A business income deduction. 

  • Stepped-up basis, a tax provision that allows land and other investments to pass from one generation to the next without capital gains taxation at the time of death.
  • Like-kind exchanges, the provision that allows businesses to buy and sell like assets without tax consequences.
  • Section 199A business income deduction, to maintain a reasonable level of taxation for pass-through businesses like farms and ranches.

National Cattlemen’s Beef Association CEO Colin Woodall says preserving sound tax policies will allow farmers, ranchers, and family-owned ag businesses to pass their operations on to the next generation. American Farm Bureau president Zippy Duvall says Congress should refrain from creating tax rules that will make it harder for farms and ranches to stay viable for families now and generations to come.

More than 40 ag groups have signed the letter.  That letter can be found HERE.

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