National Ag News
Dairy provision protected in tax bill
Dec 21, 2017, 17:37 PM
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System
An important provision for U.S. dairy farmers has been protected in the Tax Cuts and Jobs Act.
Lucas Sjostrum, executive director of the Minnesota Milk Producers Association, says the repeal of Section 199 in the tax bill likely would’ve increased per-cow taxes $50 to $100 dollars depending on the processor.
He says ag groups fought for and won a 20 percent deduction on payments from a farmer cooperative in the absence of the Section 199 credit, and co-ops will still be able to claim the deduction on gross income in most cases.
Continue reading Dairy provision protected in tax bill at Brownfield Ag News.
