National Ag News
AFBF pleased with tax bill but will work toward permanence
The nation’s largest farm member group says the tax overhaul that has passed congress will benefit farmers. American Farm Bureau President Zippy Duvall says that’s because it includes the lowering of individual tax rates for farmers and ranchers, the ability for them to take a 20-percent deduction off their business income, and, doubles the estate tax exemption.
But Kristine Tidgren, Iowa State’s assistant director of Ag Law and Taxation, tells Brownfield Ag News there are “catches” in the legislation, “Probably the biggest catch is that these decreases, both to the individual tax rates across-the-board and this 20% deduction, expire at the end of 2025.”
Duvall says the Farm Bureau will now focus its work on making those tax deductions, lower rates and the increased estate tax exemption permanent.
Continue reading AFBF pleased with tax bill but will work toward permanence at Brownfield Ag News.
