The 2024 Cattle Industry Convention and NCBA Trade Show officially kicks off today and runs through February 2 in Orlando. Various issues will be discussed during CattleCon24, with one of those being the death tax. The National Cattlemen’s Beef Association (NCBA) strongly supports the Death Tax Repeal Act, led by Reps. Randy Feenstra of Iowa and Sanford Bishop from Georgia. The Senate companion bill is led by Sen. John Thune of South Dakota.
Repealing the federal estate tax, also known as the death tax, is a top priority for NCBA, and they note current death tax relief is set to expire at the end of 2025. Thus, it’s vital that Congress acts soon and provide permanent relief for our family operations. If the federal estate tax exemption reverts to pre-2017 limits, coupled with the rapid inflation of farmland values, many more families will be subject to the death tax.