legislation

GOP Tax Bill Deal Likely Floor Votes Early Next Week

Dan Economy, Industry News Release

taxThe GOP tax bill deal now headed for likely floor votes early next week looks good for agriculture, according to the American Farm Bureau Federation’s tax specialist.

Farm Bureau’s Pat Wolff is waiting to look at the final bill text, about to be filed, but so far, Wolff says the bill looks good for producers—starting with an across-the-board cut in individual rates, and relief for ‘pass-through’ small businesses, which most farms are.

Tax

The Senate-passed bill called for 23-percent. The House used a different formula. Also in the final bill, bonus depreciation used for new equipment, only.

Bill

Final details for Section 179 expensing for new and used equipment were less clear, as was a final deal on estate tax relief.

Relief

The House bill would have ended estate taxes by 2024.

Wolff says unless there’s some “rapid departure” from what’s already been proposed, the final product will be “a good bill for farmers and ranchers,” leaving them more money to “reinvest and grow their business.”

From the National Association of Farm Broadcasting News Service.