Comprehensive tax reform, supported by the American Farm Bureau Federation, could soon cross the finish line. The House and Senate have both passed their own versions of tax reform bills. Â According to AFBF senior congressional relations director Pat Wolff, the biggest difference for agriculture is how pass-through business income will be treated, income reported by farmers and ranchers who file under sole proprietorships, partnerships and S-corporations.
Both bills continue provisions important to agriculture like business interest deduction and like-kind exchanges. Farmers can also expect relief from the burden of estate tax.
The House and Senate are expected to work quickly to finish the bill and be ready for a final vote within the next few weeks.
That’s AFBF senior congressional relations director Pat Wolff.
From the National Association of Farm Broadcasting News Service.