National Ag News
Ag equipment sector welcomes tax reform bill
The ag equipment sector is welcoming tax reform legislation passed by Congress.
The Tax Cuts and Jobs Act that awaits President Trump’s signature is being hailed by the Equipment Dealers Association (EDA) and Association of Equipment Manufacturers (AEM) as a huge win for their industries.
EDA tax advisory consultant Nick Demetrios says the business expense and interest limitations will benefit most dealers.
“The new law creates a deduction limitation of 30 percent of adjusted taxable income, and you get to add back your interest expense, your business interest income, any net operating losses if they’re applicable, appreciation, amortization, and depletion.”
AEM president Dennis Slater says the tax bill will encourage equipment manufacturers large and small to hire new workers, expand facilities, and purchase new equipment.
Continue reading Ag equipment sector welcomes tax reform bill at Brownfield Ag News.
