News

Lawmakers ask Biden not to limit like-kind exchanges

Nearly 100 U.S. House members are urging President Biden not to limit like-kind exchanges saying that would raise taxes on farmers and other landowners.

Biden’s Fiscal Year 2022 budget proposes capping like-kind exchanges.

Their letter, authored by Iowa Republican Randy Feenstra, says a cap would limit farmers’ ability to improve their operations through combining acreage, buying more productive land and mitigating environmental impacts. They say it could also make it harder to restructure businesses to include young or beginning farmers.

The lawmakers say they look forward to working with President Biden as they support small business owners and the millions of small family farms in the nation.