Long Awaited Tax Reform Nearing Reality

Dan Economy, Industry News Release

tax reformComprehensive 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.  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.