The House Republican tax plan is drawing mixed reviews from the agricultural community.
Here’s what some agricultural groups are saying.
“Farm Bureau applauds Congress for its progress in reforming the tax code. This new tax plan moves us closer to a tax system that rewards the hard work and entrepreneurship of America’s farm and ranch families,” said American Farm Bureau Federation President Zippy Duvall. “Today’s proposal includes expanded, immediate expensing while continuing the business interest deduction important to so many farmers and ranchers. It also provides immediate relief from the estate tax with a repeal to follow in subsequent years.”
“NBB members across the country are disappointed that this first draft of congressional tax reform legislation does not include an extension of the critical biodiesel tax incentives,” said Doug Whitehead, chief operating officer at the National Biodiesel Board, in a statement. “As the process moves along, NBB stands ready to work with Congressional lawmakers to craft a robust, biodiesel tax incentive that will provide public benefits such as rural job creation, a diversified national fuel portfolio, and fewer toxic pollutants in the air.”
“This plan offers significant tax cuts for corporations and the wealthy,” said National Farmers Union President Roger Johnson. “It repeals the estate tax, a significant revenue generator that affects only the wealthiest in our nation. And it does not provide adequate offsets for these cuts, translating to a $1.51 trillion increase to our federal deficit. While we await details on specific provisions for farming operations, NFU urges a shift towards simplified, progressive tax policy that recognizes the unique needs of family farming and ranching operations. This includes maintaining the estate tax and provisions like cash accounting, stepped-up basis, interest expensing, and others that are important to sustaining a family farm in the 21st Century.”
Source: AFBF, NFU, NBB