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.
Black farmers "don't have access to the same markets our white farmers have," said House Agriculture chairman David Scott, but the tax code could put them on equal footing. Scott is working on legislation to offer tax incentives to processors and other companies if they buy crops and livestock from Black producers.
During his campaign for the White House, President Biden said he would eliminate "stepped-up basis," which allows heirs to avoid capital gains taxes, and he is expected to carry out the pledge this week to pay for an expansion of social programs. Farm groups say elimination of the tax break would impose a burden on agriculture.
President Trump is ending his re-election campaign in rural America on the same issues that boosted him in 2016: Promises of tax cuts, fewer federal regulations and support for corn ethanol. In addition, farmers are wealthy from $23 billion in trade-war payments, said Trump in Dubuque, Iowa, on Sunday; "That's why you're all here and you're all happy."
For weeks, the political sun beamed on former Georgia Gov. Sonny Perdue, nominated for agriculture secretary, with the only complaint being the slow pace toward a confirmation hearing. Now, the Environmental Working Group faults Perdue for ethical lapses "that raise troubling questions about his fitness to run the department."
Sens Chuck Grassley of Iowa and Maria Cantwell of Washington state proposed revival and extension of the $1-a-gallon biodiesel tax credit through 2018. "This provision should be included in the tax extenders package under discussion," Grassley said in a joint statement with Cantwell.
Lawmakers are "headed for another last-minute, end-of-the-year renewal" of five-dozen tax breaks that expired at the end of 2014, reports Agri-Pulse, which quotes House Majority Leader Kevin McCarthy as saying, "In these situations, it's always coming down to the last week to see what mix we're able to get."
Some 39 agribusiness groups, from growers to lenders, asked congressional leaders in a letter to revive two tax breaks for equipment purchases as part of a multi-year tax “extenders” package. The tax breaks, known as Section 179 and bonus depreciation, were among four-dozen tax incentives, …
Senate Majority Leader Mitch McConnell says he wants to enact a tax "extenders" bill in a timely way, but did not suggest a likely course of action during a news conference, reports Agri-Pulse.
The Senate Finance Committee approved, 23-3, a bill to retroactively revive four dozen tax breaks that expired at the end of 2014.
The $1 a gallon biodiesel tax credit would be revived along with other incentives for renewable energy in a Senate Finance Committee package of tax "extenders." The committee is scheduled to discuss, and probably vote on, the package on Tuesday.
The Senate passed, 76-16, and sent to President Obama a retroactive one-year revival of four dozen tax incentives that expired at the start of this year.
The so-called tax extenders package, to retroactively revive more than 50 tax breaks for 2014, may be one of the last items of business for the Senate this week.
The Senate is expected "in the coming days to restore more than 50 tax breaks, all of which expired at the end of 2013, just through the end of this year," including the Section 179 business expensing provision, says The Hill newspaper.
The House could vote as early as Wednesday on a one-year retroactive renewal of tax breaks that expired at the start of this year, says Politico. The four dozen incentives include the $1 a gallon biodiesel tax credit, a wind power credit and the $500,000 business deduction for new equipment.
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.
The House Rules Committee cleared for a floor vote a bill to revive five dozen tax incentives that expired at the start of this year. The House is scheduled to vote today.
The incoming chairman of the Senate Judiciary Committee says the Senate ought to take the same approach to immigration reform as the House - do it one piece at a time rather than assemble a comprehensive bill. "A provision dealing with just agriculture would pass Congress easily," Iowa Sen Chuck Grassley told reporters but action on popular items is stalled by advocates of a full-spectrum approach.