House panel targets farmland sales to foreign adversaries
To protect U.S. farmland, the government would collect a 60-percent excise tax on purchases by foreign adversaries — citizens and companies from China, Russia, Iran, North Korea, Cuba and Venezuela — under legislation approved by the House Ways and Means Committee on Tuesday. The provision was wrapped into a broader package that would repeal many of the green energy incentives that were created by the climate, health and tax bill last summer.
Price tag for new nutrition and ag spending nears $100 billion
During congressional committee work on the Biden administration's $3.5 trillion "build back better" bill, majority-party House Democrats approved a $35 billion expansion of child nutrition programs last week and were expected to vote on Monday for an additional $66 billion for forestry, rural economic development and agricultural research.
House Republicans propose estate tax repeal in 2023
The $1.5 trillion tax-cut package unveiled by House Republicans would eliminate the estate tax – the most-hated tax in agriculture – in 2023, while allowing larger deductions for purchases of equipment, according to the Ways and Means Committee. Farm groups were muted in their comments as they assessed the 429-page bill.
Ryan says TPP could exclude Japan or Canada if necessary
The chairman of the House Ways and Means Committee says the United States should complete the Trans-Pacific Partnership trade agreement without Japan or Canada if those nations are unwilling to reduce their trade barriers, said Agri-Pulse.
House sends to Senate a tax bill with three-week lifespan
Representatives passed, 378-46, and sent to the Senate a retroactive revival of five dozen tax breaks that expired on Jan 1, including a handful that apply to the agriculture sector.
House tax chief Camp will retire at end of this year
Michigan Republican Dave Camp, chairman of the House Ways and Means Committee, said he will retire at the end of this term.
Tax reform bill includes waterways tax increase
The tax reform package unveiled on Wednesday by House Ways and Means chairman Dave Camp includes an industry-backed plan for higher fuel taxes to pay for improvements to U.S. inland locks, dams and waterways.