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. 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 …
Senate Tax Bill Doesn’t Include Section 199 Deductions
The Senate tax bill passed over the weekend does not include a deduction that farm cooperatives lobbied to keep in the tax reform package. The National Council of Farmer Cooperatives (NCFC) says the Domestic Production Activities Deduction, also known as the Section 199 deduction, means farmers may end up paying more taxes. Chuck Conner, NCFC CEO, previously said that Section …
House/Senate Negotiating Differences in Tax Bill
House and Senate tax writers are moving quickly to negotiate differences between their two chambers’ bills, with one of the most sensitive, a tax break for ag and other small businesses. Among the biggest and most politically-sensitive differences between the two tax bills is the treatment of so-called “pass-through” businesses — a huge number in agriculture — that file returns …
USDA Offering Loans Targeted at Underserved Groups, Beginning Farmers
The Department of Agriculture’s Farm Service Agency is reminding the ag community of operating and farm ownership loans and installment loans for bad credit to underserved and beginning farmers. For decades now, the FSA has set aside funds, earmarked for these two specific groups. Houston Bruck of the Washington State FSA says not only do these loans help new farmers …
Few Senators Mention Agriculture in Tax Bill Debate
The Senate-passed tax bill that the House must now either accept or reconcile with its own, would have a big-impact on agriculture. Yet, few Senators even mentioned agriculture in the days-long debate leading up to the early-morning Saturday vote. Agriculture was largely ignored in the marathon debate on the GOP Senate tax bill, that passed 51 to 49 with just …
Farmers Commend Senate Action on Tax Reform
The following may be attributed to American Farm Bureau Federation President Zippy Duvall: “ Farmers and ranchers have long called for a fair tax code that recognizes our hard work as well as the unique challenges we face in growing our nation’s food, fiber and fuel. The Senate’s passage of tax reform legislation today puts us within reach of that …
So, You’ve Inherited a Farm, Now What?
The University of Nebraska-Lincoln Extension is sponsoring a series of seminars next week focusing on issues that involve inheriting farmland. The seminar is titled “So, You’ve Inherited a Farm, Now What?” and will provide information and education about farmland ownership. Extension Educator Allan Vyhnalek will be one of the presenters at the two and half hour seminar. Info Vyhnalek says …
Farm Profits Expected to Stabilize
Following years of decline, net farm income in 2017 for the U.S. farm sector as a whole is forecast to be relatively unchanged at $63.2 billion in inflation-adjusted terms. The figure is up about one half billion dollars, or .8 percent. Meanwhile, inflation-adjusted U.S. net cash farm income is forecast to rise almost $2.0 billion, 2.1 percent, to $96.9 billion. …
Ag Economist: Farming Preparing for Financial Winter
If you’re not happy with the weather, wait a little while and things will change. That phrase works not only for the weather, but the overall ag economy. Ag economist and financial analyst Dr. Dave Kohl recently spoke at the 2017 Ag Bankers Conference in Wisconsin. He said the ag economy runs through four seasons. He also said the current …
Perdue on President’s “Bring Back Main Street” Message
U.S. Secretary of Agriculture Sonny Perdue echoed President Donald J. Trump’s message that tax cuts and reforms are needed to increase American prosperity. The president delivered remarks with a “Bring Back Main Street” theme in St. Charles, Missouri, highlighting the need for tax relief to boost the economy, particularly in the heartland. Perdue issued the following statement: “The people of …