Congress spent the final few weeks of the year addressing legislation that benefits dairy farmers. Starting with the tax bill, the legislation means lower taxes for dairy farmers. However, that wasn’t the case in the original legislation, according to National Milk Producers Federation spokesperson Chris Galen.
While the Section 199 deduction was eliminated in the approved version of the bill, it does include a new deduction that will take its place.
Congress passed a short-term budget extension, the third since October, to keep the government funded. The House also passed an $80 billion disaster aid bill that includes changes the dairy title of the Farm Bill. The Senate decided not to consider the bill until January.
If the Senate approves the disaster bill, Galen says that will pave the way for making further improvements in the next farm bill.
Learn more online at nmpf.org.
From the National Association of Farm Broadcasting News Service.