Following passage of the massive tax package passed by Congress and signed by President Obama last week, National Corn Growers Association Public Policy Action Team Chair Anthony Bush, a grower from Mt. Gilead, Ohio, sat down with Off the Cob to discuss estate tax provisions important to growers.
Commenting on why estate tax law is of especial important to growers, Bush explained, "if the provisions limiting the tax were allowed to expire and the tax returned to a one million dollar exemption and a 55 percent tax rate, it would have been devastating. Most of our assets are locked up in land and, with escalating land values, the 1 million dollar exemption provides no protection for family farmers whatsoever."
Bush notes that the team would have preferred a permanent solution to the unique difficulties that this law presents farmers. As the current legislation only holds the problem as bay for two years, he notes estate tax provisions will remain one of the team's top two priorities, along with the farm bill.
"This legislation is key to allowing family farmers to remain profitable and keep farming their land through the generations," said Bush. "It is my feeling that, had this been allowed to expire, it would have only been about one generation until the death of the family farm."