House panel approves $66 billion ag bill; change in ‘stepped-up basis’ is abandoned

The Democratic-controlled House Agriculture Committee approved its $66 billion part of President Biden's $3.5 trillion "build back better" bill on a party-line vote Monday, with Chairman David Scott saying he was confident that $28 billion will be added later for land stewardship and climate mitigation by farmers. Meanwhile, House Democrats said they would not alter a tax break that helps farmers pass land from generation to generation.

Shield farmers from higher taxes for Biden projects, says House ag chair

The Biden administration could "impose a significant financial burden" on farm families with its proposal for stricter application of capital gains taxes, said House Agriculture chairman David Scott on Wednesday. Scott also said any increase in estate taxes "for those taking over farmland is untenable."

Exempt farmers from Biden tax plan, ask 13 House Democrats

Thirteen House Democrats representing farm districts asked party leaders on Thursday to exempt farmers from President Biden's proposal to apply the capital gains tax more stringently. Iowa Rep. Cindy Axne, one of the organizers of the letter, said "a significant number of Democrats" support the farmer exemption.

Farmers worried by possible new capital gains, estate tax liability

Very few farm families pay estate taxes but almost all large-scale farmers are worried that changes in the tax code will increase their exposure to capital gains or estate taxes, said a Purdue University survey released on Tuesday. The poll was conducted before the White House said nearly all …