National Ag News

American Farm Bureau’s tax policy specialist says new business rates in the House Ways & Means tax bill will have the greatest impact on farmers’ taxes.

Pat Wolff tells Brownfield the measure proposes a new way of taxing business income, lowering the rate for corporations. But she says the impacts to pass-through businesses, which are the majority of the nation’s farms and ranches, are still unknown.  “Very few farms are incorporated so this new taxing scheme where income will either be categorized as business income or personal income will impact almost all farmers.”  She says the repeal of the estate tax is a big win for their members as well as continuing the business interest deduction and increasing immediate expensing.

Continue reading True impact of tax bill to farmers still unknown at Brownfield Ag News.